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New Jersey has taken non-disclosure agreements to task. If an employee sues your company for discrimination, sexual harassment, retaliation or other employment issues, Employment Practices Liability Insurance (EPLI) can protect your business. Such lawsuits can cost your company $100,000 – $500,000+ in defense costs and damages. EPLI Insurance can absorb that burden so you can continue operations.
A recent change to New Jersey law means that employees may no longer be bound by non-disclosure agreements. Traditionally, when an employment practices case settles the employer and the employee enter into a settlement agreement. This is a contract spelling out how much the employer will pay and what the employee will do in return, such as dropping the lawsuit. Typically, settlement agreements contain confidentiality clauses that prevent the employee from sharing details about the lawsuit or the settlement. This is to protect the company’s reputation and allows the company to avoid admitting liability.
On March 19, 2019, Gov. Murphy signed a bill that limits the employer’s ability to use non-disclosure agreements in certain cases. Going forward, non-disclosure agreements will not be allowed in cases of sexual harassment, discrimination, and retaliation.
This means that employees will be free to discuss the circumstances surrounding their allegations and a resulting settlement.
According to Senator Weinberg, a sponsor of the bill, when settlements are not made public, sexual predators are able to continue their behaviors, which can endanger other individuals. Senator Nia Gill explained that while NDAs can still be implemented, they may not be used to silence victims of sexual harassment, assault, or discrimination in the workplace.
Though many see this as a triumph for employees, it may actually make claims harder to settle. Companies value their reputation and have been willing to pay a premium to dispose of claims quietly. With no guarantee of confidentiality, companies may be more reluctant to settle claims and may place a lower value on the settlement.
Non-disclosure agreements are still enforceable for things like trade secrets and proprietary information.
Regardless of the impact, Employment Practices Liability Insurance remains an important tool to protect your business.
If you’ve ever been notified that your property and casualty (P & C) insurance policy is being canceled, you know how this can send shock waves throughout your being. Too often, people think their insurance policies will always be there for them, regardless of what they haven’t done to keep their policies intact. Here are five of the most common reasons for a P & C insurance policy being canceled, along with the importance of working with your insurance agent for solutions to rectify the problem.
One of the main reasons for an insurance company to cancel a P & C policy is because of too many claims. If this is the case, you’ll need to ask yourself some questions, such as the financial worth and nature of each claim. Were the claims because of related or similar problems, such as water or fire damage?
Maybe the claims were from unrelated causes. Furthermore, did they all happen at the same location, and have you made any changes that have made your property less hazardous?
Unfortunately, sometimes policies are canceled because of people forgetting the due dates of their payments or not paying at all. One of the worst blunders you can make is to ignore a payment notification.
If your policy is canceled, for this reason, you’ll need to promptly call your agent so that reinstatement can be negotiated, and you can keep your policy. Ask your agent what you need to do to prevent your policy from being canceled. Explain why you didn’t pay on time, such as having a death in your family, an extended illness or hospital stay. Another reason may be financial problems or even a trip that lasted longer than expected.
Did your insurance company tell you to make certain repairs on your home, but you failed to do them? Then your policy could be canceled. Even if you started to make the repairs but didn’t complete them within the timeline that your insurance company provided, you could still lose your policy.
For example, it’s common for insurance companies to have safety concerns about specific kinds of electrical wiring in older homes, such as tube wiring, which can be exceptionally hazardous. Another issue is an outdated electrical box that needs replacing. If you believe your wiring is safe, ask a professional electrician for a written statement supporting your case.
The term “material change in risk” is a change in a situation. This is a term insurance companies use for a continuous, substantial change in a client’s situation that causes risk factors in a property to increase. A typical example is someone converting their home into a daycare center or another type of business. To prevent your policy from being canceled, immediately notify your agent of any changes you’ve made.
Perhaps you’ve heard of the term “moral hazard” but aren’t quite sure what it means. Simply put, this involves people taking risks at the financial expense of others. In other words, they fail to do what’s right and only consider what benefits them. For instance, someone drives a rental car on rough, mountainous roads when they would never even consider exposing their own vehicles to such risks.
Are you a small business owner who’s in the market for commercial insurance? Please contact the insurance pros at InsureYourCompany.com.
If you have auto insurance, maybe you’ve never considered why it’s important to review your policy every six months. Reviewing an auto insurance policy is even more critical when things have changed in your life, such as getting married or moving to a new location. Here are six reasons why you should review your personal auto insurance policy every six months, along with a few considerations and warnings.
Since auto insurance rates are mainly determined by the value of a vehicle, you need to be sure your insurance carrier has adjusted your premiums that are based on your vehicle’s annual depreciation. In fact, vehicle depreciation is the main reason for convincing insurance carriers to reexamine and reduce a client’s insurance rates. Consider that a new vehicle depreciates in value from 15 to 20 percent during its first year.
In most cases, traffic violations can mean increased insurance rates for the next three years, starting from the date that the violation was filed on a police report. Unfortunately, traffic violations can remain stamped forever on your MVR (Motor Vehicle Record) unless you notify your new carrier.
Thus, you need to be sure that when you switch insurance carriers, the new company doesn’t look at an old violation and increase your rate. In other words, make sure your carrier reassesses your rate for any violations that are outdated or almost up.
If you’ve moved within the last six months, you need to review your policy and contact your insurance agent. Keep in mind how many carriers evaluate geographic regions by their overall risks.
For example, areas prone to more vehicle theft and bad weather typically charge higher rates because drivers living in these areas usually file more claims. Also, areas that are highly congested generally have higher rates. Therefore, if you bought your policy in an area considered risky but move to a community where there is less risk, then you need to notify your carrier as you’ll probably get a cheaper rate.
If you don’t drive as much as you did six months ago, your insurance company may be able to give you a low-mileage discount as many carriers do offer these discounts for people who don’t long distances. In fact, there are some carriers that offer what’s known as “pay-as-you-go” auto insurance that offers even more of a reduction in rates.
Have you tied the knot in the past six months? If so, as a married couple, you and your spouse can receive discounts on your auto insurance. Therefore, you need to notify our insurance carrier. It’s also a good idea to ask other married couples about marriage discounts they’ve received from their insurance companies.
Consider that part of the purchase price of your insurance policy goes for covering an insurance company’s expenses, such as employee compensation, marketing, and other costs. In other words, an insurance rate is calculated by other factors other than a client’s vehicle and driving record.
Because costs can fluctuate, companies compensate by varying insurance rates, which explains why rates can vary significantly between different carriers. Often, companies who pull back from marketing offer even cheaper rates, so it pays to shop around.
Questions? Please contact the New Jersey commercial insurance specialists at InsureYourCompany.com.
If you’re a pet owner, you understand the importance of keeping your pet happy and healthy throughout their life. As an integral part of your family, your pet deserves to get routine checkups, important vaccinations, and exceptional healthcare. But, visits to the veterinarian are costly and may not be affordable for everyone. Fortunately, you can purchase pet insurance that can help you cover the costs associated with your pet’s healthcare. Here we explain what pet insurance is, what types of coverage are available, and how it can benefit both you and your pet.
Also known as pet health insurance, pet insurance works similarly to health insurance for humans. It helps cover the cost of veterinary care for your pet. In addition to providing coverage for times when your pet is injured or ill, pet insurance can also help you cover the cost of routine checkups and vaccinations. Much like human health insurance, there are certain terms you need to know that can help you understand your pet’s coverage.
Co-pay — The percentage you must pay after the deductible is met
Maximum payout — The maximum amount that can be reimbursed by the insurance company
Deductible — An amount you must pay before the insurance company will begin paying their portion
Premium — The amount you pay monthly for the coverage
Before you purchase pet insurance, you may want to know what types of things are covered. Although different policies vary in coverage, here are some items that may be covered by your pet insurance.
Although having pet insurance does not mean your pet will never get injured or become ill, it does provide a wide range of benefits that can help you relax and take care of your pet the way you want to. Here are just a few of the many advantages of having insurance for your pet.
Sometimes, pet owners do not take their pets to routine checkups simply because of the expense of an appointment. But, when you have insurance coverage that pays a portion of the cost, you’re more likely to schedule appointments with your veterinarian on a more routine basis. This helps your doctor identify any potential threats to your pet’s health before they turn into a medical emergency.
Most people know that having a pet comes with certain expenses. However, until you have a pet, you don’t always realize how much it costs to take them to the veterinarian. With pet insurance, you don’t have to cover all the costs on your own, which means you can save a significant amount of money each year on healthcare costs.
When you have health insurance for your pet, treatment options that may not have been available to you can now be considered. For example, chemotherapy for a pet with cancer can be a significant expense that you may not be able to afford on your own, thus making it unattainable. However, with the right coverage, you can get your pet the treatment option that is right for them without having to make the hard decision of how to pay for it.
Like most pet owners, you don’t want to spend time worrying about what you will do if your pet becomes ill or suffers an injury. Pet insurance can offer you the peace of mind in knowing that your pet will get the care they deserve no matter what happens during their life.
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