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Computer Hacker

Cyber-Attacks on Small Businesses

Do you know who’s covered under your commercial auto policy? If you don’t, be sure to read my article.

Most cyber-attacks are directed at large companies, right? Wrong! Small companies are generally more vulnerable than large ones since small…

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Raspberries

What’s in My Berries?

Does your company occasionally sponsor social events, like an employee Christmas party,  at which alcohol is served? If so, be sure to check out my article on host liquor liability coverage.

Berries contaminated with hepatitis? When I heard about the latest incident of food-borne illness my first thought was here we go again. Cantaloupes, peanut butter, spinach. The list keeps getting longer. Are these incidents becoming more common or are they just getting more press coverage? What do you think?

Raspberries

In case you haven’t been following the current story, here’s a quick rundown. Sixty-one people have become ill with hepatitis A after eating a mixture of berries and pomegranate seeds they purchased at Costco or Harris Teeter Stores. The product is called Organic Antioxidant Blend. The hepatitis is a strain usually found in the Middle East and Africa. At least one person is planning to sue Townsend Farms, the manufacturer of the berry product.

Product contamination has to be a food manufacturer’s worst nightmare. An incident like the one involving the berries can be very costly. For one thing, it can damage to the company’s reputation and cause it to lose sales. There is also the cost of lawsuits. People who become sick or injured from the product may sue the manufacturer for damages. Thirdly, the company is likely to incur substantial costs for recalling contaminated products.

Product liability is covered by the standard ISO liability policy. Assuming Townsend Farms has purchased a policy, it should be covered for claims filed by the people who got sick from the berries. The policy should also cover the cost of  defending the company against the lawsuits. Damages or settlements from product liability claims will reduce the products-completed operations aggregate limit. Once that limit is used up, the firm’s umbrella policy (if one exists) should step in.

According to CBS News, Townsend Farms is recalling all unsold berries that may be contaminated. These costs will not be covered by Townsend’s general liability policy. Both basic liability and umbrella policies exclude costs associated with a product recall. These costs can be covered by product recall coverage. This is a specialty coverage purchased by manufacturers. The scope of coverage varies. Most policies cover the cost of recalling the product. Others also include crisis management and/or extortion.

Image courtesy of [Robert Cochrane] / FreeDigitalPhotos.net

Source: About.com

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Demolition

Mile High Debris

Residents of Moore, Oklahoma are in the process of gathering, sorting and hauling away debris created by the huge tornado that struck on May 20. If you like trivia, you might be interested in this tidbit from the Huffington Post. If the debris…

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Stormy Weather

Twisters, Twisters and More Twisters

It’s late May and tornado season is in full swing. A “super cell” thunderstorm that hit northern Texas last week generated 16 tornadoes. Can you imagine the wind power of 16 twisters? One of those tornadoes packed winds up to 200 miles per hou…

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Risky Business

Like most small businesses, yours is probably covered by a general liability policy. But have you actually read your policy? Plowing through a bunch of legalese isn’t fun, but you do need to know what your policy covers. Take the first step by…

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Distracted Drivers, A Modern Menace

If you have ever been confused about the difference between an auto and mobile equipment (terms used in commercial auto and general liability policies), my article on mobile equipment should clear things up. Does your company rent autos? If so…

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Today is National Healthcare Decisions Day

April 16, 2012 is the Fifth Annual National Healthcare Decisions Day. A day created by a coalition of health providers and insurers to remind the public about the critical importance of having advance healthcare planning.

If you do not have any form o…

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Practical Workers’ Compensation Manual

The Risk and Insurance Management Society (RIMS) is a great source of information for companies looking to control risk and control business insurance premium costs. The RIMS professional library is a terific way to learn risk and insurance management….

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The Butcher With the $1.5 Million Taste Buds

There is this agricultural board in the U.K. called BPEX(British Pig Executive) and it “represents pig levy payers in England. BPEX is focused on enhancing the competitiveness, efficiency and profitability for English pig levy payers and driving deman…

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Happy Spring!

In honor of Spring, I posted an article about insuring a flower shop.
Whether you own a flower shop or if you yearn to own a flower shop when it starts getting nice outside, always consider the proper business insurance for your business. Source: About…

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