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Survey Finds Companies Pay $2 Billion in Class Actions a YearClass action lawsuits are becoming more complex than ever before. In order to combat these lawsuits, law departments for many companies are devising new strategies to protect their respective companies. In the wake of this sobering survey, it’s imperative your clients carry Professional Liability Insurance to be adequately defended.

Inside Counsel states that Carlton Fields firm’s 2016 Class Action Survey, released this week, estimated that U.S. companies spent a combined $2.1 billion on class action..



Posted:March 28, 2016

Methods for Paying Outside CounselAs most business owners are aware, a successful business needs to have an effective law firm representing them. While we have discussed the benefits of hiring inside counsel in the past, many companies are more inclined to hire outside counsel. If this is the case, the payment methods and their repercussions should be considered. As the main decision-makers for their firms, Directors and Officers Insurance is a necessary asset that protects their respective business.

Your clients may choose to pay their outside counsel hourly...



Posted:March 21, 2016

Architects and the Need for E&O CoverageThe exposures that architects face are broad to say the least. As their daily operations involve designing, planning, and implementing structures for clients, there is no shortage of potential error one can make, as unintentional as they may be. While a basic insurance portfolio is carried by many professionals, it’s important to note that Professional Liability for Architects is affordable and a necessity in protecting their operations.

It is likely that a company that is inquiring about this coverage has likely been approached..



Posted:March 18, 2016

The Risks of Employee Cell Phone UsageCell phones are a vital part of everyone’s lives. Since they provide 24-hour access to information and data, it should come as no surprise to find out that cell phones can pose serious risks for business owners. Employees who use their cell phones to work outside of company time and even transfer data could land a company in hot water. Here are a few ways to mitigate these issues in addition to including a Risk Management strategy in the business portfolio.

According..



Posted:March 16, 2016

The Reasons Companies Hire General CounselThere are plenty of reasons a company decides to bring on a general counsel team. Especially for large corporations, these professionals seek to reduce and control their Risk Management Liability. What’s more, having an in-house general counsel has plenty of benefits. Here are some common reasons that companies founded a legal department.

Desire for Growth

The strategic planning for growth is backed by the general counsel. This helps to ensure all of the milestones are achieved without adding any unforeseen risk. Furthermore, general counsels can help..



Posted:March 15, 2016

Reducing EPLI Claims by Boosting MoraleAs employers are being faced with more and more accusations of discrimination lately, businesses must address the concerns of Employment Practices Liability and how to prevent these claims. While ensuring they are in compliance with federal and state regulations is critical, not all claims are 100% avoidable. Therefore, the right insurance package to defend your clients’ companies is a necessity. Further, employee morale can have a positive effect on the frequency and severity of these claims.

Individual employee recognition is a proven way..



Posted:March 14, 2016

Key Business Risk Management StrategiesRisk management strategies are keys to success for any business. Whether it’s a small business or a giant corporation, these protections guarantee the safety and security of a company. A successful risk management plan involves a clear purpose, reliable inputs, and processes that add value to the company. Your clients can achieve the foundations of a successful Risk Management Program by implementing the following intuitions from Corporate Compliance Insights.

The first step is to identify the risks in a business. This..



Posted:March 10, 2016

The Risks of “Shadow IT”The use of cloud-based services such as Dropbox and Evernote may be contributing to a rise in cyber liability exposures for businesses. While they are convenient, these programs are often not endorsed by the company’s IT program and are inadvertently creating more risk. This “shadow IT” of sharing information casually needs to be addressed in order to reduce Privacy and Network Security Liability.

According to a new study from the legal services provider Consilio, “Risks of Cloud Apps and Shadow IT..



Posted:March 9, 2016

Common D&O MythsDirectors and Officers, or board members, are the backbone for a variety of industries including nonprofit organizations, public companies and the private sector. While there are some misconceptions about the insurance needed for each sector to reduce Directors and Officers Liability, it’s important to note that companies are not required to have shareholders to be eligible for getting sued. Here are some common myths about the coverage and how important it is for these professionals to be protected.

What is Directors and Officer’s Insurance?

According to Novick..



Posted:March 8, 2016

Common Liability Exposures for Professional Service ProvidersCommon Liability Exposures for Professional Service ProvidersThe quality of the services provided are the backbone of professional service businesses. While there are numerous factors that can cause loss of revenue and time, they are often preventable. In order to reduce the risk of losing clients and diminishing their reputation, professional service companies need to acknowledge the common mistakes that occur and learn how to prevent them. In addition, a Professional Liability Insurance Package is required to manage the risks.

Miscommunication with Clients

According..



Posted:February 29, 2016

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