16 October 2017 By

Hosting events such as concerts, festivals, conferences, trade shows, sporting events, and celebrations subjects a business to a variety of liabilities and business risks that must be considered to avoid costly litigation or other losses when something goes amiss. Appropriate coverages for events include property insurance, special event general liability insurance, employer’s liability insurance and cancellation insurance.

PROPERTY INSURANCE

A property insurance policy protects equipment at events—ranging from sophisticated audio-visual systems to folding chairs—whether it is owned, borrowed or hired for the event. The policy generally covers property while in transit to and from the event as well as during the event. Damaged, destroyed or lost property is reinstated on a “new-for-old” basis, meaning that it is generally not appropriate for things like antiques, collectibles or other irreplaceable property.

16 October 2017 By

Why are certificates of insurance so universally hated by insurance brokers and risk managers alike? Some insurance professionals would just as soon have their teeth drilled without novocaine than deal with these much-maligned documents. Yet if used properly, they provide value as an important tool in the risk manager’s portfolio.

For the uninitiated, according to Investopedia, a certificate of insurance (COI) is defined as

“a document issued by an insurance company/broker that is used to verify the existence of insurance coverage under specific conditions granted to listed individuals. More specifically, the document lists the effective date of the policy, the type of insurance coverage purchased and the types and dollar amount of applicable liability.”

The problems arise when people assume that certificates of insurance do more than they actually do. They are not an ironclad guarantee of coverage, but they do provide a baseline from which the risk manager, attorney or business owner needs to do his or her own due diligence. For example, a product liability COI can demonstrate coverage for a supplier that is ordering a particular raw ingredient to be used in the manufacturing process. It shows the manufacturer that the supplier had coverage at the time of its issuance.

13 October 2017 By

Is your company covered by Employment Practices Liability Insurance (EPLI)? If not, you might want to consider it. Over the past twenty years, the number of employment-based lawsuits has increased as employee awareness of fair employment practices has become more widespread. Why you need EPLI insurance will become clear as you consider some of the claims that can be filed against your business.

Here are just a few examples that may provide the wake-up call you need to see how serious—and commonplace—these exposures can be:

  • An employee vandalizes your bathroom by writing offensive or crude comments on a stall wall and another employee is offended.
  • An employee in the lunchroom tells off-color jokes that offend other employees.
  • You prohibit an employee from returning to work after a medical leave unless the employee has full clearance to perform all job duties.
  • While the most common type of lawsuit results from claims of unfair employment termination, other types of lawsuits are on the rise:
  • Genetic discrimination - for requesting personal or family medical history.
  • Unpaid internships (currently a hot topic on Capitol Hill) - for recruiting workers to perform tasks normally considered part of entry-level employment positions.
  • Gender discrimination - for pay inequities between men and women in the same establishment who perform equivalent tasks under similar working conditions.
16 October 2017 By

JGS Insurance, a market leading New Jersey insurance agency, announced today that it has been named a Top 100 Property/Casualty Agency by Insurance Journal. The Top 100 list is ranked by total property/casualty agency revenue for 2016.

JGS Insurance is honored to announce their place as a finalist for the NJBIZ 2017 “Business of the Year” award in the 51-100 employee category.

The Business of the Year awards program celebrates New Jersey’s most dynamic businesses and business leaders who share a commitment to professional excellence, business growth and the community. Finalists were selected in six categories: Business of the Year (1-50 Employees), Business of the Year (51-100 Employees), Business of the Year (101+ Employees), Corporate Citizen of the Year, and Emerging Business of the Year.

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