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Purchasing a liability insurance policy does not nullify the need for workers’ compensation. General liability policies provide coverage for claims and lawsuits filed by members of the general public, while workers’ compensation protects the business from claims/lawsuits filed by employees. General Liability Policy General liability policies protect businesses against third-party claims. Liability policies respond to [...]

A pension bond is a type of surety bond that protects the assets of an employee pension plan from embezzlement, mismanagement or other action by the plan manager that causes financial loss to the pension. Fiduciary liability protects the personal and corporate assets of the plan manager in the event of wrongful acts or breach [...]

Business Building

Liability coverage protects a business in the event a third party gets injured and files a claim against the business. Fidelity coverage, also known as employee dishonesty coverage, reimburses the business owner and not a third party. Both coverages protect the business entity, but they each pertain to a different aspect of the business. Public [...]

An LLC (Limited Liability Company) and an umbrella policy both offer protection to the small business owner. One offers protection for the members of the LLC while the other protects the business entity. The protections afforded by both compliment each other. What is an LLC? There are four types of business entities, sole proprietor, partnership, [...]

Third Party Liability

It’s rather ironic that an industry as cut and dry as insurance would have a term called third-party liability. When you think of a party you tend to think of a festive occasion. Not so in the world of insurance. There is little to celebrate when a third party comes on the scene. Insurance Contract [...]