Risk Management and the Code of Ethics for Lawyers

Risk Management

Attorney professional responsibility is one of the more important components involved with running a firm. When the men and women who work for you follow the appropriate code of ethics for lawyers at all times, it can make your life a lot easier. However, one who breaks from the rules or makes a mistake that violates these codes can put your entire establishment in a very precarious position. This is why you must hold your team accountable at all times for how each person behaves while practicing law.

Basic Conduct

There are several ways to go about establishing protocol for attorney risk management. First, it can be crucial to make sure each member of your team is familiar with the code of conduct established by the specific state your business operates within. Each state has different rules for conduct, so ensuring each person is on the same page is important for your peace of mind. Naturally, some rules will come up in all states. For example, confidentiality is always a huge concern. Other points that tend to appear in the code of conduct include:

  • Protecting sensitive information of clients and firm
  • Performing with utmost competence
  • Exercising excellent and professional judgment

Develop a Strategy

When all of the people who work for your firm follow the rules, your life is a lot easier. Take time to establish a strategy and keep everyone on the same page at all times.

Why You Should Consider Purchasing Insurance For Your Small Business

Small Business

As the owner of a small business, your top priority is to keep things running smoothly. However, running a business is not without risk so it is very important to look into small business insurance to protect yourself. Business insurance provides protection against all kinds of financial damages including:

Types of Coverage

There are a variety of different types of coverage you can purchase that can insure different things. One option is general liability insurance. This type of insurance protects you from financial damages caused by bodily injury or property damage.

Another type of insurance that can be very helpful for your small business is commercial auto insurance. This is very important if your small business utilizes vehicles in any capacity. Commercial auto insurance covers your company vehicles while they are traveling between job sites or making deliveries.

Cyber insurance is very important if your business is responsible for storing any sensitive data. It provides protection against all kinds of electronic threats. A couple examples are cyber-attacks and data breaches.

At the end of the day, running a business is very difficult. Give yourself one less thing to worry about by protecting your small business with insurance today. It really can make all the difference.

The Importance of Insurance to the Supply Chain

Supply Chain

Running a business that is connected to the transportation industry in any capacity can be a real headache. If your company is responsible for sending or receiving goods to vendors, for example, you need to take many factors into consideration when selecting insurance. Should something go wrong for one of your drivers, you run the risk of experiencing serious financial loss and upsetting the entire supply chain you’re connected to. This is why you must use care when picking out a policy that fully covers you, your employees, and your assets.

Picking Out a Sensible Plan

Experts advise selecting truck insurance in California by considering a few key points. First and foremost, you need to ask yourself how often your truck sees use. While all vehicles need to be insured in some capacity in accordance with state laws, the amount of coverage you take out is entirely up to you. If you don’t use the vehicles often, you may not feel like you need ample protection. However, a truck that is used consistently is an asset that needs full coverage. This is also true of insuring any workers who get behind the wheel. Consider the following:

Keep Your Company Running Strong

As long as you take care when finding appropriate insurance for your business, you will be able to rest easy. Learn more about what makes for a solid plan and feel confident in your decision.

Liability Concerns for Rental Properties

Rental Properties

Generally speaking, some habitational risks are covered under business insurance. However, in the case that the business is actually a commercial residential property, not all liabilities are addressed. A general insurance policy extends coverage to losses occurring as a result of explosions, smoke, hail, windstorms, fire, or vandalism. While these are not comprehensive situations, a general policy will not address the losses or situations dealing with the people that reside in the structure.

Extending Coverage Opportunities

Condominiums, apartments, duplexes, or rented homes can all count as habitational property. Since there is a complex owner-tenant relationship involved, it limits the application of a standard business insurance policy. Habitational insurance is a blend of both business and homeowners’ insurance, taking care of losses that occur on either the inside or exterior of the structure. Liability coverage is extended to tenant injury, as well as their personal belongings.

Policy Considerations

Though property damage and personal injury are strong coverages, it may be worth considering extending coverage into other problematic areas. Not all policies have these additional inclusions, so it is best to evaluate your options carefully. Consider looking into the following:

  • Loss of rental income
  • Accounts receivable
  • Equipment breakdown
  • Water damage
  • Errors and omissions
  • Public liability

With habitational insurance, you receive help coving the costs of legal fees and medical bills for tenants injured on the property. You also receive assistance with repair or replacement for damages or losses. Anyone who owns a rental property should consider purchasing this protection.

Including Group Vision Coverage in Your Benefits Plan

Group Vision Coverage

Some employers opt to omit vision coverage from their group benefits, but this extremely affordable line of coverage can mean a lot to your workforce. Here are some things that you should know about vision coverage.

Customization

You don’t have to get a plan that offers more than what your workforce needs. In fact, you can customize your group health plan vision coverage to strike the perfect balance between affordability and available benefits.

Networks

Depending on a vision plan’s carrier, you may have a very wide or significantly limited number of providers who your workforce can see to utilize their benefits. Before choosing a plan, you should verify whether there is a good number of providers who accept your plan in the area where your company is located.

Benefits

Vision plans can offer more benefits than eye exams. In fact, a plan can help individuals to pay for the cost of eyeglasses and contacts.

Value

Every year, the cost of eye care can be considerable. Some people forgo routine eye exams simply because of the expense. Having access to free exams will help ensure that this vital medical need isn’t overlooked.

Ultimately, your employees will truly appreciate having the option to participate in a group vision plan. This important benefit will help your workforce stay healthy and productive.

Planning Risk Management for Marinas

Risk Management

Detailed policies and procedures are a vital part of running a marina. Comprehensive insurance coverage and sound risk management for marinas are crucial to protect you from exposures and liabilities. When creating a plan, address critical areas where possible safety threats might occur.

Maintenance

Ongoing, scheduled maintenance for the marina is crucial. Secure and fasten cleats and tighten screws and nails regularly. Inspect and replace dock planks, electrical cords, machinery and other items as needed. Check power terminals to ensure proper grounding and water pressure to maintain correct levels. Keep safety signs visible and in good condition.

Natural Disasters

Employ qualified, experienced marine engineers and contractors for any construction or renovation of the docks or facilities.

Environmental Risks

Include strategies for the risk management for marinas to control environmental issues like pollution by complying with relevant laws. Educate marina personnel about petroleum control, stormwater runoff control, liquid material management and shoreline stabilization.

Insurance

Obtain adequate marina insurance. Use a professional agent with experience in marinas to help assess your coverage requirements. Minimize accidents and mitigate related expenses or losses with practical strategies and proper coverage.

Coverages

A knowledgeable marina insurance agent helps you find a policy that covers:

  • Real and Personal Property
  • Piers, Wharves and Docks
  • Marina Operators Legal Liability
  • Pollution

Risk management for marinas is essential to maintain a safe, enjoyable space for both employees and clients.

Liabilities Covered by Canada Water Treatment Insurance

Water Treatment Insurance

Mistakes affecting a municipal water supply can have serious consequences. Luckily, Canada water treatment insurance exists to mitigate the many risks that face this type of utility. Here are a few of the liability coverages included in most policies.

Pollution

If people become sick as a result of polluted water, the medical and legal expenses can be enormous. Water treatment insurance protects the company by covering these costs. Read the fine print to be sure the following common pollutants are not excluded from your policy:

  • Bacteria
  • Heavy metals
  • Radon gas

Errors and Omissions

Also known as professional liability, this type of policy protects you in the event that an employee at the water treatment facility makes a mistake. Small mistakes are easily overlooked, but others can affect the drinking water of thousands of people, and potentially cause injury.

Products and Completed Operations

Water travels far from its source, so coverage of products and completed operations is essential. Water is the product supplied, and the many pipes, filters, and aeration tanks are some of the completed operations.

When you are in charge of a water treatment plant, thousands of people depend on it running smoothly day after day. Having an adequate insurance policy is one way to keep the taps flowing.

Does Your Staffing Firm Have Enough Professional Liability Protection?

Professional Liability Protection

Staffing companies occupy a unique niche that requires smart insurance solutions. As the primary employer of the work force you send out to your clients, you have liability with regard to employee protection, but do you have professional liability in the same way a direct employer does? The short answer is not so short, because you do have professional liability to cover, but it’s shared with the client in some areas and possibly liability with regard to the client in others, depending on the exact situation under discussion. Since professional liability insurance for staffing firms can be so hard to generalize, it’s a good idea to check out what tailored coverage would look like for your business.

Professional Liability Coverage vs. General Liability Insurance

Your general liability policy probably covers professional liability to an extent, but the policy maximum is a combined maximum across all the areas of liability it covers. As a result, an excessive claim in one area could max out the whole plan. Some coverage gets around this by having caps in each area as well as an overall maximum, but that doesn’t solve the problem if your issue is exposure beyond the value of the insurance. Since buying more general liability coverage for one area of protection is very cost-inefficient, professional liability protection offers additional coverage in this area. It doesn’t replace general liability protection, it works with it to make sure you’re fully insured.

The Insurance Alternative to Workers’ Comp

Workers' Comp

Carrying workers’ compensation is a smart business move, but for many companies, it is an operational requirement. Though required and financially necessary, the cost of lump-sum premium payments can be draining on your company’s budget. Fortunately, there is another valid coverage option that is easier on the bank account.

Pay As You Go

In general, workers’ compensation coverage addresses the financial costs of an employee getting injured or sick while on the job. The plan extends benefits that will address medical bills, rehabilitation, disability pay, and potential job retraining and integration back into the work environment.

For many companies, there is the freedom to choose an insurance plan from either a state or private provider. A majority of providers require up-front, lump-sum payments to extend coverage, but with a pay as you go work comp policy, payments are made each time payroll occurs. This is sometimes easier on the finances, as the amount owed is based on the payroll totals.

More Beneficial Plan

A majority of companies enjoy several benefits from a pay-as-you-go plan. The lump-sum strain on the account is gone, and there is more accuracy in the amount paid through each payroll calculation. The workers’ comp payments are generally automated, avoiding headache and stress to remember what amount is owed and when.

The alternative to a traditional workers’ compensation plan puts companies back in charge of their funds. It also gives them more of an incentive to manage their workplace safety ratings.

Selecting Appropriate Personal Insurance for Your Family

Personal Insurance

Determining what type of insurance package is appropriate for your family is not a straightforward journey. Every family is different, which means your insurance package has to reflect the unique characteristics of your lifestyle. Thankfully, you can determine which options are appropriate for you by digging in and learning a few basic points. Since LA personal insurance can include home, auto, and other coverage options, you want to approach the task by focusing on each specific category.

Break Down All of Your Options

According to many insurance professionals, personal auto insurance is one of the more commonplace packages that families require. Federal law dictates that all licensed drivers must have some form of insurance to get behind the wheel, though the details of the requirements will vary from one state to the next. Before you start researching package options for auto insurance, look into what regulations are in place in your county. This will give you all the details you need to select a comprehensive package. Additional considerations with personal insurance include:

  • Coverage for personal collections like bottles of vintage wine or heirlooms
  • Protection for personal watercraft
  • Standard homeowner’s insurance packages

Research and Make a Selection That Fits

Finding adequate personal insurance takes time. Look over each aspect of the plans available to you in order to discover the coverage your family deserves.