When it comes to product liability, as discussed last month, there are a number of parties that can be involved in the event of a claim. Product Liability claims arise when a product sold to a consumer causes injury and is considered defective or unreasonably dangerous. The very basic understanding of product liability rests in definition and the law. Continue reading
On Oct. 1, 2015, many of the insurance industry’s clients took on a lot more risk, and may not even know it. The Payment Card Industry, PCI, which is the self-regulating organization that oversees everyone that accepts or issues payment cards, set the date of Oct. 1, for point-of-sale machines to begin accepting “chip cards.”
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It is estimated that the average American will spend at least $700 on gifts this holiday season. For the commercial industry that is good news. From importers, manufactures, distributors, wholesalers to retail stores, products have a long road to travel before they end up in American homes for the holidays. Product liability insurance plays a huge role in all entities that create products because defects can rest with any party in the products chain of distribution. Continue reading
A big part of the construction industry is insurance. Why? Well, it is simple – construction is a risky business. All construction projects have a defined set of risks; bad weather, non-payment, safety concerns, construction defect, property damage, the list goes on and on. As a contractor and a consumer it is important to be sure all parties working on your home, or jobsite, have proper insurance coverage in all areas of risk. Continue reading
A builders risk insurance policies are an important part of the construction industry. If your business is involved in new construction or a remodel of a building you should consider a Builders Risk Policy to protect your investment in the project. A builder’s risk policy will protect a person’s or organization’s insurable interest in materials, equipment, and fixtures that are being used to construct or remodel a structure. The protection is added security in the event that the materials sustain physical loss from a covered cause. Continue reading
A U.S. appeals court on Monday said the Federal Trade Commission has the authority to regulate cyber security and may pursue a lawsuit accusing hotel operator Wyndham Worldwide Corp. of failing to safeguard consumers’ personal information. Continue reading
Having one person handle all aspects of accounting puts a business in a VERY vulnerable position. There is no one there really checking that everything is accurate and watching the money so to speak. This leaves a lot of room for employee dishonesty. There are some basic controls that can be put in place to help eliminate such losses. The easiest may be an annual outside audit, to help lower the risk of fraud. Small business owners often feel close to their employees and put a lot of trust in them leaving little room for acknowledging dishonesty. Continue reading
In October 2015, the much-discussed Payment Networks’ Liability Shift associated with EuroPay, MasterCard, and Visa (EMV) is due to take effect in the United States. It’s a major milestone for financial companies (meaning banks and credit unions), credit card issuers, retailers, and more. There is a great deal of information, and misinformation, afloat regarding the US EMV migration roadmap as presented by the Payment Networks. Shedding some light on the realities involved is helpful for everyone concerned. – See more at: http://www.paymentsleader.com/will-retailers-be-ready-for-emv-by-oct-2015/#sthash.srtKy4Ej.dpuf Continue reading
