Protection from a Range of Liability Claims

It’s estimated that American companies will face $183 billion in tort costs in 2011, $152 billion of which will land on small businesses.1

Accidents happen no matter how well a business is run, and the expenses involved in defending a lawsuit can prove to be devastating, whether the organization is found to be at fault or not. Fortunately, there are several forms of liability insurance that may help offset unforeseen costs (up to the policy limits) that could consume your business’s profits or ruin its longer-term prospects.

The commercial general liability coverage offered with a business owner’s policy helps protect against risks associated with property damage, bodily injury, and personal and advertising injury. However, different kinds of coverage may be warranted for businesses exposed to special risks that may not be included in a standard policy.

  • Professional liability insurance (or errors and omissions coverage) could help with legal costs and damages related to wrongful practices by professional service providers such as doctors, lawyers, and various types of consultants. Typically, it is necessary to obtain coverage that is specific to the company or industry.
  • Product liability insurance could help protect against financial loss resulting from a defective product that causes injury or harm. Companies that manufacture, distribute, or sell such products could potentially be held responsible for their safety.
  • Internet liability insurance could help protect firms that conduct business on the Web from risks related to computer hacking, spam, viruses, and other online perils.
  • Employee benefits liability endorsements could help pay costs that result from negligence related to the administration of employee benefits, even if they are managed by an outside professional benefits administrator.

As your business grows, you could encounter new risks and may want to expand coverage based on the size of your staff or the value of equipment and other assets. Reviewing your liability insurance on a regular basis could help protect you from the possibility of a lawsuit that could stifle your business or harm your personal financial situation.

1) U.S. Chamber Institute for Legal Reform, 2010

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.
New Century Financial Group
118 Wall Street • Princeton, NJ • 08540
Phone: (609) 924-2049 • Fax: (609) 924-0649
• roring@ncfg.com

 

New Century Financial Group, LLC ("NCFG") is a registered investment adviser with it’s principal place of business in the State of New Jersey. NCFG and its representatives are in compliance with the current registration requirements imposed upon registered investment advisers by those states in which NCFG maintains clients. NCFG may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. This website is limited to the dissemination of general information pertaining to its investment advisery/management services. Any subsequent, direct communication by NCFG with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of NCFG, please contact the U.S. Securities Exchange Commission www.adviserinfo.sec.gov.

Securities offered through Royal Alliance Associates, Inc., member FINRA/SIPC. Advisory services offered through New Century Financial Group, LLC a registered investment advisor not affiliated with Royal Alliance Associates, Inc.

This communication is strictly intended for individuals residing in all 50 States. No offers may be made or accepted from any resident outside the specific state(s) referenced. IMPORTANT CONSUMER INFORMATION A Broker/dealer, investment adviser, BD agent, or IA rep may only transact business in a state if first registered, or is excluded or exempt from state broker/dealer, investment adviser, BD agent, or IA registration requirements as appropriate. Follow-up, individualized responses to persons in a sate by such a firm or individual that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirements, or an applicable exemption or exclusion. For information concerning the licensing status or disciplinary history of a broker/dealer, investment, adviser, BD agent, or IA rep, a consumer should contact his or her state securities law administrator. 

For additional information about NCFG, including fees and services, send for our disclosure statement as set forth on Form ADV from NCFG using the contact information herein. Please read the disclosure statement carefully before you invest or send money.

SIPC / FINRA
 

PLEASE NOTE:The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. NCFG and Royal Alliance Associates, Inc., make no representation as to the completeness or accuracy of information provided at these web sites. Nor are these companies liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving NCFG’s web site and assume total responsibility and risk for your use of the web sites you are linking to.