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Due to the wide range of commercial insurance
available, we suggest contacting Michael Yerkes directly.
Please feel free to
call Michael
at (610) 869-4065 ext. 5.
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Commercial Insurance
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Business owners' liability coverage is critical
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Employment practices liability coverage is critical in
protecting your insureds from the potentially catastrophic
costs of employment litigation. Most people would never
consider dropping fire insurance, but today
the chances of being sued by an employee are even greater
than the chances of having a fire.
Here are some examples of claim
situations:
1.
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$2,000,000
A company settled a class action suit
brought by job applicants who charged that
certain questions asked in a pre-employment
psychological exam violated their constitutional
right to privacy as well as various state labor
laws.
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2.
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$2,440,600
After reporting multiple incidents of repeated
sexual harassment by a supervisor, an employee
alleged the supervisor began a systematic
campaign to force the employee to resign. The
court award in this retaliation/wrongful
termination complaint was $210,000 for mental
anguish, $330,600 in lost income and $1.9
million in attorney fees.
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3.
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$7,100,000
A Midwestern electronics company settled a class
action lawsuit alleging a violation of the Age
Discrimination Employment Act (ADEA) for $7.1
million. The suit was brought by approximately
800 employees whose jobs were moved to Mexico
after a downsizing at the company's U.S.
Facilities.
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Changes and developments in your operations
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It is important that we be advised of any changes in
your operations which may have a bearing on the validity
and/or adequacy of your insurance. The types of changes that
concern us include, but are not limited to, those listed
below:
1.
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Changes in any operations such as expansion
to another state, new products, or new
applications of existing products.
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Mergers and/or acquisition of new companies.
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Any newly assumed contractual liability, granting of
indemnities or hold harmless agreements.
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Circumstances which may require an increased
liability insurance limit.
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5.
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Any changes in fire or theft protection such
as the installation of or disconnection of
sprinkler systems, burglar alarms, etc. This
includes any alterations to same.
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6.
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Immediate advice of any changes to scheduled
equipment such as contractors' equipment,
electronic data processing, etc.
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7.
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Property of yours that is in transit, unless
we have arranged for the insurance previously.
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8.
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Any changes in existing premises including
vacancy, whether temporary or permanent,
alterations, demolition, etc. Any new premises
either purchased, constructed or occupied,
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Your insurance program can only be as good as the
communications maintained between you and your insurance
agent.
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Insurers obligation at time of loss
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Property Losses
When filing a claim, your policies require that you
follow specific procedures and comply with certain
provisions.
1.
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Immediate written notice of loss must be given to
the insurance company in the event of fire and/or other
direct damage to property.
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Notice of loss should include description of how,
when and where the loss or damage occurred.
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Notify the police if a law may have been broken, as
in the case of burglary, theft or vandalism.
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4.
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Your are obligated to take all reasonable steps to
protect your property from further damage. Examples are
boarding up windows, making temporary repairs to roof if
damaged, etc. Keep records of your expenses for
consideration in the settlement of your loss.
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5.
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Complete inventories of the damage or destroyed
property must be provided, including quantities, costs,
values and amount of loss claims.
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Liability Claims
1.
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You must see that any injury or damage is reported
as soon as possible.
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2.
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Full details of the claim should how, when and
where the "occurrence" took place; the names and
addresses of any injured persons and/or witnesses; and a
description and location of any damaged property.
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3.
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If a claim or suit is filed against you, you are
obligated to cooperate with the company. The policy
prohibits you from making any voluntary payments or
assuming liability in any way. |
4.
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You are required to report any occurrence that may
result in a claim; therefore, you should emphasize to
your employees the importance of reporting any incident
to management, no matter how insignificant they feel it
may be.
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Regardless of the type, all losses should be reported
to us in writing as soon as possible.
Due to the wide range of commercial insurance
available, we suggest contacting Michael Yerkes directly.
Please feel free to call Michael at (610) 869-4065
ext. 5.
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Call us with your questions at 610-869-4065
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Outside of the 610 area? Call us toll free at
800-435-4565
Our fax number is 610-869-8565
Or drop us a line at
yerkes@yerkesinsurance.com and we'll be
in touch within two business days.
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