Posts made in June, 2015

Three Most Common Types of Surety Bonds

Posted by on Jun 25, 2015 in News | 0 comments

In the face of a set of particular risks, surety bonds are designed to guarantee performance so each surety bond must be uniquely tailored to meet specific needs. So what is a surety bond? It is an agreement under which one party, the surety, guarantees to another party, the obligee, the performance of an obligation by a third party, the principal. There are three most common types of surety bonds: Contract Surety The owner of a construction project or a government project may require a contractor to obtain one of these bonds which include: Bid Bond – This affords protection to a project owner (obligee) in the event a successful bidder will not enter a contract and will not provide the required surety bonds or other security. Performance Bond – This provides protection to the obligee if the contractor defaults on its obligations under the bonded contract. Payment Bond – This guarantees that the contractor will pay subcontractor, labor and material bills associated with the construction project. Special Risk This includes coverages for the Securities Industry Commercial Surety This type of bond is required of individuals or businesses by the government, legislation or by other entities.  Most insurers provide the following types of commercial surety bonds: License and permit bonds: required by state, municipal or federal ordinance or regulation. These bonds may be required as a condition for engaging in a particular business or exercising a particular privilege. Examples include performance and payment bonds, customs bonds, tax bonds and warehouse bonds. Court bonds, including: Judicial bonds, required of either a plaintiff or defendant in judicial proceedings, to reserve the rights of the opposing litigant or other interested parties Fiduciary bonds, required of those who administer a trust under court supervision. Public official bonds: required by statute for certain holders of public office, to protect the public from malfeasance by an official or from an official’s failure to faithfully perform duties. Miscellaneous bonds: do not fit into any of the other categories above. Source:...

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Cyber and Workforce Risks Rising Concern for U.S. Businesses

Posted by on Jun 19, 2015 in News | 0 comments

American business leaders worry about the same major risks as they did in 2014, however rising levels of concern over cyber risks and the ability to attract and retain talent have shifted the ranks in some subtle and no-so-subtle ways. Here’s what business leaders are worried about via our partner company Travelers Insurance: View and download the full article and report...

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The World is Growing Riskier According to Most Americans

Posted by on Jun 9, 2015 in News | 0 comments

Via our partner company, For the second year in a row, the Travelers Consumer Risk Index has found that six in 10 U.S. consumers feels the world is growing riskier. Leading concerns include distracted driving, financial risks and identity theft/personal privacy loss. Millennials, those aged 18-34, are most likely to report feeling that their risk level is low, compared to older age groups. Take a look at this infographic for more...

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It Just Takes One Accident to Place Your Entire Business at Risk

Posted by on Jun 4, 2015 in News | 0 comments

The threat of a lawsuit is around every corner and the unfortunate reality is that it is inherent with every employee you hire, customer you serve, or client you sign.  There is some part of your business that leaves you exposed to a lawsuit bankrupting both you and the company no matter how small your business is. With that being said, I wanted to provide reasons why every business needs to protect itself against risk with the proper types of insurance – here are seven: It Just Takes One All it takes is one accident – a broken contract – a disgruntled worker – to place your entire business at risk. Let’s say your company gets sued for negligence – even if you win, it can easily put you out of business simply because the cost it will take to mount your defense. Personal Injury Happens You are open to personal injury liability claims every minute of every day if you own property where customers come to do business. If they happen to fall on your business premises and you’re not insured, you are liable for medical bills, lost wages, pain and suffering and other expenses that will come out of your own pocket. A Flimsy Corporate Shield Many small business owners use a “corporate shield” thinking that they have protected their personal assets from any business liability claims or judgments. This is far from the truth and there are circumstances where that protection doesn’t stand up in court. Without business insurance, you could literally lose everything you own. Thinking Exclusions Apply Any employment liability claims may be excluded from a general liability policy. Property loss may be excluded if you have a commercial liability policy. And it is unlikely that your business assets are covered if you are a home-based business owner with homeowner’s insurance. Losses beyond Your Control Would you be able to replace them today and get back to business if you walked in tomorrow to find your office had been robbed and every computer was gone?  If you don’t have insurance to help replace what is lost, losses from theft, natural disaster, and other accidents could bankrupt your business. Reckless Driving Accidents Happen Most business owners believe that the auto insurance policy that covers their personal auto will cover them if they are driving their car on company business.  You could find yourself paying for someone else’s pain and suffering out of your own pocket for the rest of your life if this isn’t true and you are in an accident where you’re at fault. Depending on Other People’s Insurance Let’s say that another person causes an accident which ends with a car coming through the front window of your storefront and destroying your merchandise. Their auto policy – if they have one – might cover some of the damage and replace products but it might not cover or provide enough coverage to compensate you for lost income while the shop has to be closed for repairs. Waiting until something happens or procrastinating while you figure out whether or not you can afford to purchase business insurance is never a good option – the real question is – can you afford not to insure your business? Contact me today for a free...

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