When small businesses obtain an insurance policy, they hope never to have to think about it again. Unfortunately, claims occur more frequently than many business owners expect. According to a study by The Hartford, a financial services company, 40 percent of small businesses will incur a property or liability loss in the next 10 years.
Last year, the Defend Trade Secrets Act was put into place by Congress. The law provides companies with a bevy of new legal tools and remedies to address issues relating to trade secret theft and litigation. While this may help a number of companies out there, it will almost certainly lead to an increase in the number of lawsuits relating to trade secrets in 2017, and possibly beyond.
Life happens, and when it does, it can affect you in ways that you never expected. An unforeseen tragedy or catastrophe could destroy your car, ruing your home or leave you in desperate need of your insurance provider to help you.
Every business has a beginning, and that beginning will vary from company to company. Some businesses are started by a sole owner or inventor. Some businesses are corporations, either by original design or by the very nature of the company's evolution. And other companies are partnerships.
Everyone one wants to know the exact recipe for Coca-Cola. Everyone wants to know what's in that "secret sauce" at the sandwich shop down the street. And when the recipe for KFC's special breading for their chicken was accidentally revealed earlier this month, it made news across the country and even the world.
When thinking about the operation of a business, understanding how to properly file an insurance claim is typically not top of mind. It is important, however, to know how to manage business losses in addition to profits.
It’s not what any business owner wants to think about: having their business coming to a halt because of a storm, vandalism, or fire and water damage.
If you own a car in Minnesota, you know that the state requires you to carry a certain amount of auto insurance in a number of categories. For example, each licensed vehicle must have liability insurance with at least a $30,000 limit for injuries to one person and a $60,000 limit for each incident. That policy must also include personal injury protection coverage, as well as underinsured and uninsured coverage; collision coverage and comprehensive coverage are both optional.
When you run a small business, you probably feel as though you understand all the important and even many unimportant elements of your business operation. From how your paperwork and invoices are filed to the schedule of deliveries from your suppliers, knowing many of these facts can help you run your business and provides the underpinning for your long-term planning and the determination of other goals.
For a business, there are many risks to insure against, ranging from typical property damage, such as damaged roof from a severe storm to fire burning your factory or warehouse, loss of inventory from flooding or fresh food lost when refrigeration systems go down.