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Manufacturers E&O: Here’s Why You Need It
Consider the following scenario. A customer asks your company to manufacture a part to certain specifications as were outlined in the contract. He then needs to add that part to his product so he can send that product to his customers by a set deadline. Your company then […]
Read More4 Benefits of Product Liability Insurance
Your customers expect you to have safe and reliable products, and failing to meet these expectations can lead to huge financial losses. If one of your products harms the customer in any way, they can sue your business leading to costly legal fees and settlements. These costs can […]
Read More5 Benefits of Business Interruption Insurance
Continuity is critical in business, and there are a few things more important than continuous revenue and cash flow, particularly for small to medium size organizations. In fact, just one brief business interruption can be incredibly costly for an organization often leading to serious reputational damages or long-term […]
Read More5 Reasons Why Contractors Need Cyber Liability Insurance
Contractors often regard their businesses as safely “off-line”. If you don’t process credit cards or operate large, complex IT infrastructure, what exactly do you need to protect? Are the risks really that high? In fact, industries that let their guard down because they feel safe are among the […]
Read MoreReal Estate Professionals: Why You Need Cyber Liability Insurance
The modern real estate sector is increasingly reliant on tech. PropTech and Internet of Things (IoT) enabled devices to promote innovation in the space and better living experiences for home and property residents, but they also leave real estate professionals widely exposed to cyber threats. In a field […]
Read MoreIs Your Business at Risk of a DDOS Attack?
Many people wonder about the meaning of DDoS, asking what exactly is a DDoS attack and what does DDoS stand for? DDoS stands for distributed denial-of-service attack. DDoS attacks occur when servers and networks are flooded with an excessive amount of traffic. It’s a malicious attempt to disrupt […]
Read MoreManufacturers: Do You Understand Your Product Liability Risks?
From an initial prototype sketch to the warning labels on a finished product, the decisions made during the course of bringing a product to the market can be intensely scrutinized if there is ever a product liability claim. Manufacturers need to focus on the potential risks across a […]
Read MoreLawyers: Buying Cyber Liability Insurance is Not Optional
A cyberattack or breach can have serious consequences for law firms, including: theft of client monies and assets, breaches of confidential and sensitive information, structural and financial instability, reputational damage, damage to IT infrastructure and loss of clients. Cyberthreats continue to escalate and law firm leaders face a […]
Read More8 Mistakes Condo Associations Need to Stop Making
Having the fiduciary responsibility of selecting the condo insurance on behalf of your association is one of the most important decisions the board has to make. For the association, we know price is something that is important but ultimately there should be more that plays into the buying […]
Read MoreHow to Build a World-Class Safety Culture
Safety cultures endure when they are a core part of an organization. It does not live compartmentalized in one area of an organization, it permeates all aspects of the company. Of course workplace safety is important to you as the business owner. Do you know if your employees […]
Read MoreFrequently Asked Questions
What is E&O/Malpractice/Professional Liability?
A bond in layman's terms is a way to secure a debt.
It is a way of you the consumer, being able to put up a little cost upfront that says “I am letting you borrow this money so as to your agreement to pay the face value of the said bond if ever needed”. In the real world, bonds can be issued by a government, municipality, corporation, federal agency, and other entities.
What does E&O cover?
A surety bond is a contract between three parties. The person who is the recipient of an obligation, the primary party who will perform the contractual obligation and the person who assures the obligation will be done.
What is Defense Outside of Limits coverage?
These bonds are a type of surety bond. They provide a proof and guarantee of ownership to the Department of Motor Vehicles. When no other form of documentation is available a Lost Title Bond shows the DMV that you are the “owner” of said vehicle.
What is First Dollar Defense?
Contractor bonds are one of the most “popular” bonds you will see asked for in the insurance space. Contract bonds are used in the construction industry by general contractors. They are a guarantee to a project’s owner that the general contractor will adhere to the contract put in place.
What is the Fee Suit Exclusion?
These types of bonds function as a guarantee to a government entity that a company will comply with a statute, state law, ordinance, etc.
Some examples are but not limited to:
- Contractors License Bonds
- Tax Bond
- Environmental Bonds
- Broker’s Bonds
- Motor Vehicle Dealer Bonds
- ERISA Bonds
What is Mutual Choice of Counsel?
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What is Disciplinary Proceeding Defense?
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