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    Snj business people may p26  newest products Snj business people may p26 newest products Document Transcript

    • As Seen In 26 Vol. 4, Issue 5, 2010 SNJ Business People Governor Christie Addresses Business Leaders Ask an Expert On April 30, Chris Christie addressed members of the Chamber of Commerce Southern New Jersey for the first time as Governor of The State of New Jersey. Five-hundred Chamber members gathered to hear Newest Insurance Products: the Governor discuss issues of interest to the business community and the Fiscal Year 2011 Budget. Bells & Whistles or Necessities? By: Joseph L. Pilato company. Private stockholders who are depending upon a return on their With the current state of the investment may also have cause to economy everyone is rethinking sue company owners if results are their spending. This article will not as expected. The reality is that outline the some of the latest the owners and directors of many business insurance coverage’s so non-public companies do need you can make an informed decision D&O insurance. I have a few D&O when selecting for your company. lawsuits among my own clients, all In spite of the near-universal non-public companies. recognition that insurance is a Internet Liability: The internet necessary and important part of has made shopping easy and business planning, some of the most efficient. Products can be recent insurance product innovations researched, compared and priced have been given the cold shoulder online from a number of different by business owners. internet merchants. If Failing to consider your business sells its some of the latest products online, taking coverage products could credit card and other expose your business to personal information a financial loss just as from customers, you have devastating as a fire or a the obligation to secure general liability lawsuit. their data. Unfortunately, Here is a review of cyberspace has spawned some of these newest its own breed of invisible policies and their Joseph L. Pilato criminals that live off of functions: the credit card numbers Employer Practices Pictured with Governor Christie before his address are: (left to right) CCSNJ President & CEO Debra DiLorenzo; of others. Twice over the past year Board member Michael Renna, South Jersey Industries; CCSNJ Board Chairman Dr. Herman Saatkamp, Jr., The Richard Stockton Liability: This coverage provides I have had to cancel credit cards College of New Jersey; CCSNJ Board Vice Chair Judith Roman, AmeriHealth New Jersey; and funds for the defense and settlement when items that I had not purchased CCSNJ Executive Vice President & COO Kathleen Davis of employee discrimination, appeared on my statement. Internet unlawful termination and sexual data security isn’t the only exposure harassment claims. Lawsuits covered by these policies. If your for these issues have been company sources any content from steadily rising each year. The the website(s) of others, you may Equal Employment Opportunity have copyright exposure. There Commission (EEOC) reports are other internet issues as well, that 93,277 charges were filed by too numerous for the scope of this employees in 2009. This is a 20% article. increase since 1999. The average Professional Liability: If EEOC lawsuit exceeded $250,000 your company is an architect in 2009. or engineering firm, a medical In addition companies least able to provider or a computer software afford the costs of these lawsuits are developer you probably already in the crosshairs, since businesses carry professional liability coverage with less than 100 employees are (also known as Errors & Omissions most often the targets of these insurance). lawsuits. Many of these policies On the other hand if you are now also offer coverage for wage a wholesale distributor, for violations lawsuits according to the example, you probably do not have Fair Labor Standards Act (FLSA) professional liability coverage (or as well. risk). Some companies, however, Fiduciary Liability: If your operate in a gray area where they company sponsors a 401k or may provide some services that can other pension or profit sharing be considered professional even plan, the company owners have though their core activities are not exposure to fiduciary lawsuits professional. For instance, I have a for negligent investment of these client who sells warehouse racking funds. Even though you have hired and storage systems. This would an investment company and even not seem to require professional though your employee chooses liability, but as part of their service the investment funds he or she they lay out the storage scheme in will participate in, the company the customer’s warehouse. Might owners are ultimately responsible a claim occur if the suggested for payment in the event of a racking layout constricts the lawsuit…unless there is applicable customer business flow instead of insurance. Considering the volatility aiding it, causing the customer a of the investment market right now loss of business? This is the type and the relatively low cost of the of question that should be asked by coverage ($1,000-$1,500 per year insurance buyers before ruling out on average), the risk-reward favors the need for professional liability. the purchase of insurance. The point of this article is to cast Directors & Officers Liability: some light on policies that may have Many businesspeople think of been discounted by business owners “D&O” as only necessary for in the past. The insurance policies public companies to protect listed above are either relatively against stockholder lawsuits. new or are not often thought of as However, D&O coverage also applicable coverage. Writing them provides protection in a number of off as unnecessary, though, ignores different situations faced by private substantial risk of loss companies. Disagreements with competitors, customers, creditors or regulators can result in a lawsuit Article provided by: Joseph L. Pilato, against the owners and directors of a CPCU of Maran Corporate Risk Associates SNJ Business People is the monthly print publication mailed via the U.S. Postal Service to over 10,000 business owners, leaders and managers focusing on what they are doing, how, why, when, where they are making it happen in Southern New Jersey. For More Information Visit snjbp.com or Call 856-673-1911.