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1) Make Sure that Your Insurance Coverage Grows as Your Company Does
Author:
James Cochran
Category:
Insurance
A primary goal of new business owners is to keep operating costs low. At launch, they may not have a tremendous amount of risk or liability, and will only purchase the necessary insurance such as Commercial General Liability coverage and workers' compensation. Over time, as the company grows in size, profits and liability, many business owners don't take the time to reexamine their policies to ensure they have adequate insurance coverage.
Why Your Basic Coverage Might Not Be Enough
Typica...
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2) What is required for commercial liability coverage? What is optional?
Author:
James Cochran
Category:
Finance
Is a small service company less likely to have a lawsuit brought against it than a manufacturing plant? No, but this is a common misconception among office-based businesses. The fact is, in today's dynamic and complex business climate, businesses small and large, office-based, or physical-labor intensive, are all equally susceptible to various claims.
Typically, with Commercial Liability insurance coverage, four types of claims are covered: bodily injury; property damage or loss; personal i...
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3) The evolution and importance of management consultants
Author:
James Cochran
Category:
Insurance
As a management consultant your clients turn to you for advice and expertise, to improve their performance, or for strategy development. In this capacity you will often bring your own proprietary methodologies or strategies to identify problems or provide recommendations, which can open you to more exposure and certain risks.
There are certain precautions management consultants can take to reduce the risk level. One important precaution is arming yourself with Professional Liability insuranc...
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4) Fraud: No small matter for small-businesses
Author:
James Cochran
Category:
Insurance
Workers' compensation, which is required by law in nearly all 50 states, provides medical and disability coverage for employees who are injured on the job. Employers' Liability, typically included on a Worker's Compensation policy protects employers from liability for an accident involving an employee. Because it is required, business owners often view it as a burden and another operating expense, but it can safeguard a company from the exorbitant costs of defending claims, even if those claims...
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5) Buying tips for small business liability insurance
Author:
James Cochran
Category:
Finance
Many small businesses operate without liability insurance to cut down on operating costs, but in today's business climate in which frivolous lawsuits are brought against companies on a daily basis, operating without any liability coverage is a highly volatile practice. Often, the cost of defending a claim without insurance can push a small business into extreme debt or bankruptcy.
Small business liability insurance can end up saving a company from a financial disaster in the long term and t...
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6) Innovation Will Continue to be the Key to a Successful Insurance Business Model
Author:
James Cochran
Category:
Insurance
In today's global economy innovation will be the key to survival for any industry. It is especially necessary for the insurance industry, which until this point has primarily focused on optimizing its products, processes and services rather than injecting real innovation into the business models.
With a record number of small businesses operating from various pockets of the world, the idea of globalization has taken root, completely changing the needs of small business owners. On the insuran...
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7) Are you accountable as a small business owner?
Author:
James Cochran
Category:
Insurance
Today, there are more than 23 million businesses operating as sole proprietorships or partnerships. This accounts for more than 80 percent of all U.S. businesses, according to BizStats.com. Do these structures protect small business owners from certain liabilities, or if a suit was brought against them, could their assets be at risk?
There is a common misconception that limited liability companies (LLCs) or incorporated structures are absolute safeguards against personal liability. As a resu...
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8) Looking Ahead: What to Expect from the Insurance Industry in the Upcoming Years
Author:
James Cochran
Category:
Insurance
As the end of the first decade of the new century approaches, insurance companies are realizing a need for change and innovation within their industry. The urgency to make these changes is underscored by several external forces that will continue to take shape over the next several years. Insurers must begin preparing for the future as cultural and environmental changes, technological advancements, globalization and world health issues arise.
To address continual operational challenges withi...
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9) Liability Insurance could save your business from financial disaster
Author:
James Cochran
Category:
Insurance
Company liability insurance safeguards businesses from various allegations of negligence, but it may also protect them from having to absorb the fees associated with defending a frivolous lawsuit.
While attention to quality control and seamless risk management procedures can reduce the risk of lawsuits, no organization can completely eliminate the possibility that a claim will arise. Litigations, even the most ludicrous pursuits, can lead a company down a path of financial disaster.
Busin...
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10) Errors and Omissions Insurance: A Vital Component in Protecting Against the Unexpected
Author:
James Cochran
Category:
Insurance
Many business owners have taken proper steps to insure against property loss and injury claims, the more traditional forms of commercial insurance coverage. However, they may have overlooked protecting themselves against claims of professional negligence.
Errors and Omissions (E&O) insurance, also known as Professional Liability insurance, protects organizations or individuals against claims of financial loss due to negligence in the delivery of professional services. Professional liability...
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11) Statistics Show that for Millions of Americans, Insurance is More than Worth the Cost
Author:
James Cochran
Category:
Insurance
Today, many small businesses operate without liability insurance - with the exception of the workers' compensation insurance, which is required by law. In many cases, business owners simply want to cut down on operating costs, but in today's climate in which worker compensation claims have skyrocketed, operating without any liability coverage is a highly volatile practice.
With just one claim, what took years to build can be wiped out. Without liability insurance, the business can take a maj...
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12) A Simple Solution to Reduce Liability Insurance Claims: Change your Quality Control Practices
Author:
James Cochran
Category:
Finance
The insurance climate is constantly changing. Costs for coverage fluctuate and new regulations are continually created. Though insurance claims can prove costly, operating a business without coverage, particularly in the information technology industry, can create a highly vulnerable situation for the organization. To keep insurance costs at bay, companies can take proactive steps to curb insurance claims.
Typically, companies will have General Liability insurance coverage, which addresses c...
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13) Speed Your Business Insurance Application Process Along with These Handy Tips
Author:
James Cochran
Category:
Insurance
Business insurance coverage, and particularly Professional Liability insurance, is important in any business industry, but for those companies that provide IT services, it is critical. While General Liability insurance coverage addresses claims of bodily injury or property damage, Professional Liability insurance, also known as Errors and Omissions insurance, protects organizations against claims of professional negligence and errors or omissions in professional work. Specifically, Professional...
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14) Outsourcing, Technology, and The Economy
Author:
James Cochran
Category:
Legal
Economies are constantly changing, and evolving. Whereas first they birth as a bartering system, they next take on a currency structure. This leads to a stock market, international trade, economic specialization, an industrial revolution, and forever continues to blossom.
Recently, economic rules that were thought to be ever enduring have been subject to change. No longer can an individual expect to be employed at a company for the entirety of their working life. Instead, career paths...
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15) Resolving Jurisdiction with Independent Contracts
Author:
James Cochran
Category:
Legal
Many are under the inherent assumption that all contracts are the same, and that if it's written down on paper, then the terms of the contract are clearly spelled out. Conversely, contracts aren't simply about written terms, and represent a greater significance that should be taken seriously. Contract law can often be confusing due to the involvement of independent contractors and contractor agreements. Without careful attention, these factors can complicate the contractual issues involved....
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16) Professional Liability Insurance vs. General Liability Insurance
Author:
James Cochran
Category:
Insurance
Intrinsically, insurance is based on the principles of protecting a person or business from particular risks. This can include anything from natural disasters to theft to property damage.
Yet, when it comes to business, the kinds of risk can be far more significant, as well as far more costly. Not only are you responsible for what happens to your own property and employees, but you're also responsible to the people with whom your business comes in contact. General liability insurance cover...
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17) Licensing and the Stages of Legally Purchasing Software
Author:
James Cochran
Category:
Software
Licensed software, and the legal purchase of it, has unique legal contract obligations. Generally, the consumer owns any product they purchase. Although the seller may maintain certain responsibilities after the time of purchase, the consumer still owns the rights to do with it what they wish. One prime example would be the purchase of a car.
However, the contract obligations for legal software, or software that has been licensed and legally purchased, is an entirely different story. While...
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18) 5 Case Studies in Liability Disasters
Author:
James Cochran
Category:
Insurance
It's simply human nature to think that no harm will ever come, or hit close to home. Unfortunately, things go wrong from time to time. Because the unexpected is possible at any given moment, it's vital to have insurance, business insurance, liability insurance, and professional liability insurance for the best prevention possible. As the old saying goes, "Hope for the best, but prepare for the worst."
It pays to have property, auto, and life insurance for personal protection. On the busine...
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19) 5 of the Hottest Jobs in IT
Author:
James Cochran
Category:
Relationships
The IT industry has been a high demand sector with respect to job growth for well over a decade now. Since the beginning of the high-tech boom in the late nineties, almost anyone with a background and education in information technology was guaranteed not only a job, but a well-paying one at that. However, the growth and expansion of the IT industry is much like a plant growing in all different directions.
Recruiting and hiring in the IT industry is in a constant state of flux as well. Thu...
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