Courtesy of iii.org Accidents happen—and if they happen to people you've hired to come into your home or onto your property to work, you're financially liable. It makes sense to understand how you're already covered and when to further insure household help. Appropriate and adequate insurance coverage depends on the nature of the employee’s position and the assets you're protecting. As always, consult your insurance professional with any questions or requested changes to your policy. Here's some information to get you started. If you contract a worker with an outside firm For many household and in-home care needs—for example, for a nurse, a physical therapist, a cook or a housekeeper—you may decide to contract with a business or agency that provides these types of pros. Determine who is the employer. When you're dealing with a firm or agency, in most cases the worker you hired is an employee of that business and insured under their auspices. (If for some reason …
Family & Business Liability Insurance-Need to Know
Courtesy of iii.org One might think that family-owned and operated businesses would be relatively immune from employee lawsuits, but that’s not the case according to a recent Gen Re article. The reasons family-owned businesses get sued include: most family owned businesses employ at least one non-relative; the non-relative is likely to be first to be fired when the business is struggling; and family members are reluctant to discipline each other for bad workplace behavior, especially if the family patriarch is the one misbehaving. The article gives several examples of lawsuits against family businesses and the awards paid out, concluding that a family-owned business would benefit from including employment practices liability insurance (EPLI) as a part of its insurance package. According to GenRe: These workplace scenarios and settlement amounts mirror those we see for all businesses. Discrimination and sexual harassment - as well as wrongful termination, violations of …
Auto Insurance Myths
Courtesy of iii.org When purchasing an auto policy, it’s important to understand the factors that affect your policy costs and coverage. Unfortunately, there's a lot of bad information that passes for "common wisdom"—here, we separate myth from facts about car insurance. Myth 1 – Color determines the price of auto insurance It doesn't matter whether your car is “Arrest Me Red” or “Hide In Plain Sight White”—the color doesn’t actually factor into your auto insurance costs. The price of your auto policy is based on many factors, such as car make, model, body type, engine size and the age of the vehicle, as well as the car’s sticker price, the cost to repair it, its overall safety record and the likelihood of theft. Insurers also take into account the age, driving record and sometimes the credit history of the driver. Myth 2 – It costs more to insure your car when you get older Quite the opposite, in fact—older drivers may be eligible for special discounts. For example, …