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If Your Idea is That Great, You Need Intellectual Property Insurance

By Business Protection Bulletin

You have an idea that is unique. Perhaps it is a new process, or you invented a machine that works in a new way, maybe you wrote a book, computer code or a song. All of the above are examples of what intellectual property is.

IP Infringement and IP Insurance

When someone steals your intellectual property, it is infringement; there are several kinds of intellectual property infringements. They are:

* Patent infringement
* Copyright infringement
* Trademark infringement
* Service mark infringement

If you are a victim of any kind of infringement or accused of infringing someone’s intellectual property you face staggering legal bills. To protect your company and yourself from huge legal bills you must do two things.

1. Register your invention with the United States Patent Office (USPTO). Most people seek the help of a patent attorney, as navigating the USPTO is difficult. Through the patent office, you also record work that has protection by obtaining a copyright, trademark, or service mark.

2. Purchase intellectual property (IP) insurance. There are two kinds of IP insurance. One is defensive IP insurance that protects if you are the accused in IP infringement. The other is the offensive IP insurance which helps pay your legal fees if you own intellectual property that someone stole (infringed) from you.

Many small and medium-sized businesses count their intellectual property as their most valuable asset. If you value your IP, you need an Intellectual Property insurance policy that is both offensive and defensive.

Defensive IP Insurance

According to a study by Price, Waterhouse, Cooper more than 5,000 patent infringement lawsuits happened in 2012. Of them, three plaintiffs received judgments against defendants in excess of $1 billion. The number of lawsuits and the amount of the awards continues on an upward trajectory.

When you have defensive intellectual property insurance, the insurance company pays for your defense. If you lose, they help pay. The study concludes that IP lawsuits will continue to proliferate.

Offensive IP Insurance

If someone infringes your Intellectual Property, your recourse is a lawsuit. Legal fees for the plaintiff in an IP lawsuit are also considerable. An offensive IP insurance policy helps pay the legal costs of recovering compensation from whoever infringed your Intellectual Property.

Protection from Risks on the Internet

By Business Protection Bulletin

Does your business have a website, a presence on social media (Facebook, Twitter, Instagram etc.) or anywhere else on the Internet where consumers can express their point of view you post responses? If you do, you need a Special Insurance Policy to cover you, your employees, and your company from claims of defamation (slander and libel).

Slander and libel lawsuits have grown familiar, thanks to the Internet and responsible insurance agents advise clients at risk to get the coverage.

What is Defamation?

Defamation is a tort (wrongdoing) that harms the reputation of an individual. Many states have rulings that the defamation is often unintentional and not designed to injure anyone’s reputation. Nevertheless, states also recognize the claims made for negligent or reckless defamation.

Libel means written defamation, and slander is oral or spoken defamation. In a business setting, if a clerk falsely accuses a shopper of shoplifting and is heard by others making the accusation may have committed libel (unless the goods are found on their person). Libel is a written statement that is untrue.

The only absolute defense against defamation is the truth. The exception is if the defamatory statement is about a public figure. Then there is a higher bar for winning a lawsuit. The plaintiff must prove that the statement is a known falsehood to the writer and made with actual malice. This protection was for the benefit of journalists who wrote unflattering but truthful pieces about public figures.

If your business, an employee, or you are defendants in a slander or libel action, it is almost a certainty that there will be costs associated with defending you.

Why do you need Defamation Insurance?

As in the example above, statements made publicly and are untrue can bring a slander lawsuit against your employee, you as the owner, and the business as an employer.

However, the advent of social media makes the risk greater, yet not risky enough to ignore the marketing value of an online presence. There are many of what ifs.

What if a customer makes a libelous comment on your website blog about a competitor? Are you responsible?

What if an employee makes a libelous comment in response to a customer? Is your business responsible?

What if a customer libels another customer on your blog? Are you responsible?

The possibilities are endless but not using Internet marketing techniques is not an option — even if you follow best practices.

At least, you may go to court and need to defend your employee and your business. If the plaintiff wins the case, the damage award can be costly, and some states allow for punitive damages.

Defamation insurance covers the cost of defense and the damages and punitive awards up to your policy limit.

You do need defamation insurance in today’s litigious world.

Even If It’s Not Raining You Need an Umbrella

By Business Protection Bulletin

You own your home, have your own business, and drive a new car. Though you are not rich, you are comfortable. It will be a shame to lose it all if someone sustains injuries by your car or at your home or place of business.

You have insurance you say; you have standard auto liability insurance. The limits are $100,000 for a single person and a total of $300,000 for multiple people. Suppose you are responsible for any accident involving a shuttle taking ten people to the airport. Three hundred thousand dollars allows on average $10,000 per person. That is hardly enough to cover the emergency room fees let alone any surgery, rehabilitation, lost wages and other medical expenses. If there is a fatality, you may consider bankruptcy.

Your business has a small storefront on a busy street. A middle-aged executive comes into your place of business following a rainstorm. Your floor is wet and slippery, and the executive slips and falls. He strikes his head, loses consciousness, and goes into a coma. Your general business liability insurance has the same limit as your auto insurance – $100,000. It may cover part of the hospital bill, but the official says he is permanently disabled and sues you for future wages for $1 million. Since your business is a sole proprietorship, bankruptcy beckons.

Your son invites a friend over for a swim in your pool. He dives into the shallow end strikes his head and suffers traumatic brain injury. Sadly, the damage is permanent — with standard liability limits of $100,000 — well, you know, bankruptcy stares you in the face.

The inexpensive, elegant solution to the problem is umbrella insurance. When a claim exceeds your standard liability insurance limits, your umbrella insurance policy takes over and pays up to your umbrella liability limits. Most people who buy umbrella insurance extend their liability limits to $5 million.

Though you hope never to use it, for a few hundred dollars per year, you can protect your assets, and avoid financial disaster. Umbrella insurance pays when you are responsible for an injury that exceeds your standard liability limits.

Cold Weather Work Safety Tips

By Construction Insurance Bulletin

With summer over, cold wet weather is not far away. Workplace safety is important for those workers who are outdoors working. Unfavorable weather conditions can cause health problems that are severe such as frostbite and hypothermia. In addition to cold and wet weather, wind is also a danger. With a blowing or gusty wind, cold wet weather is dangerous even if the temperature is above freezing.

Fortunately, by staying aware of your surroundings and using simple precautions you can avoid dangerous illnesses such as hypothermia and frostbite. A buddy system is a good idea for outdoor workers too. Know the signs of cold stress to look for it in yourself and your co-workers when your team works outside in cold climates.

Following are some cold weather safety tips for workers.

Frostbite

Frostbite is a medical term used when your skin and body tissue start to freeze because of exposure to cold weather. Your body’s most vulnerable parts are extremities including the nose and ears, fingers and toes.

Frostbite can come on quickly. Symptoms can include,

*A tingling sensation much like pins and needles.
*Numbness
*Pain
*Pale or waxy skin that hardens
*Protective thermal clothing such as gloves, socks and a ski mask are helpful in deterring frostbite.
Nevertheless, prolonged exposure may cause frostbite even when extremities have some protection.

What to do if you or a coworker has frostbite

*Remove tight clothing and jewelry
*Place affected body parts in warm water bath. Do not use hot water as body tissue needs slow warming to avoid damage
*When normal feeling returns, pat dry the area and cover it to keep it warm
*Go for medical attention
*Notify a supervisor

Hypothermia

Hypothermia is a dangerous illness that happens when your body temperature drops below 95 degrees.

Hypothermia symptoms

Victims of hypothermia have uncontrollable shaking. Other symptoms include:

*Bluish skin (especially fingers and lips)
*Exhaustion
*Irrational behavior
*Irritability
*Uncoordinated movements

Helping hypothermia victims

Hypothermia is a dangerous illness. Take the following steps when a worker displays hypothermia symptoms:

*Call 911 at once
*Move the victim to a warm dry place
*Take off wet clothing and put warm dry clothing on. Wrap the victim in a blanket.
*The victim should drink anything high in sugar such as a sports drink. Avoid caffeinated and alcoholic drinks.
*Make every attempt to keep the victim awake if possible
*Ask the person to move their extremities to make muscle heat

Working in cold, wet weather is physically tiring. In order to cope follow these tips.

*Take short breaks in a dry place often to warm up
*Use layered clothing that you can add or take off as conditions dictate
*Work boots need proper insulation and waterproofing
*Wear the right cold weather clothing
*Use a buddy system and try to work in groups – be aware of the fitness of your co-workers
*Keep clothing changes available so you can change out of clothing that will get wet

All employees need training on the symptoms and emergency treatment for frostbite and hypothermia.

Things You Don’t About Your Construction Company’s Workers Compensation

By Construction Insurance Bulletin

Required by law, Workman’s Compensation Insurance, usually, called worker’s comp protects your employees from injury, illness, and even death that is work related.

Shop Around

Using statistics from The National Council on Compensation Insurance (NCCI) insurers determine high and low risk industries. Within the industry, individual employer safety records help when determining a specific insured’s premium. Like everything else, you buy, shopping around pays off as rates do vary from company to company.

Your construction company’s experience part of the premium calculation comes from the three-year rolling average of claims made during the prior four years. The four years comes about, as there is a lag period of one-year.

Employees on a Job Site May Have Other Recourse

Imagine you are a plumbing a subcontractor on a construction job. As the project is multi-stories the general contractor had scaffolding erected. One of your employees was on the second floor running some pipe, and the scaffolding gave way. Your employee fell two stories and severely injured his back. Because of his injury, he suffered three months of no work (lost wages) and required extensive physical and occupational therapy (medical costs). Extended physical labor is out of the question as it causes a great deal of pain (disability claim). It looks like you will take a hit on your workers comp experience rating, as this is a large claim.

But wait, you may want to join with your employee or your insurance company in a lawsuit against the scaffolding company as an investigation proved the scaffold was improperly put up. The scaffolding company had other similar lawsuits against it yet the general contractor hired them. Your employee and your workers comp insurance company can sue the general contractor for negligence in hiring a company with a bad safety record. If the insurance company receives an award because of the lawsuit, the hit on your experience rating is not as bad. The impact on your future premiums is less than if your insurance company paid all expenses related to your employee’s claim.

Take-Aways

* Comparison shop for the best rates for your construction company’s worker’s comp insurance.
* Depending on the circumstances of the injury, others parties could be responsible under product liability or third-party liability claims. Work with your insurance company to keep their payout as small as possible to keep your premium low.
* Employers with good safety records pay less than employers who have poor safety records.

Employee Safety Plan

By Construction Insurance Bulletin

All businesses have an obligation to offer a safe and healthy workplace for their employees. This obligation is more than a moral one; it is the law. According to the federal website Business USA, in 2010 more than 3.1 million nonfatal injuries happened to workers while on the job. The site explains further:

“Under the provisions of the Occupational Safety and Health Act of 1970, as the employer, you must provide a workplace free from recognized hazards that are causing, or are likely to cause, death or serious physical harm to your employees regardless of the size of your business. The Occupational Safety and Health Administration (OSHA) was established to create standards and regulations that implement the Act.”

The number of pages that OSHA has for implementing, regulating, and enforcing workplace safety is in the tens of thousands — far too many to go over in one blog post. But, OSHA requires all employers to have a plan for when an employee suffers an injury or illness on the job. Following are some tips to help you with yours.

1.  Seek medical attention. Sometimes, injuries do not have symptoms for hours or even days after they occur. Have a doctor check your employee out with the tests they consider proper.

2.  Document the incident as soon after the incident as possible. Talk with anyone who saw the incident. Take photos and if needed, draw diagrams. Your business should have an accident/injury report form. Make sure your documentation complies with OSHA reporting and documentation record keeping policies. The rules differ for small employers (10 or fewer employees) but your worker’s comp carrier also may have specific documentation requirements no matter what size your business is; check with them.

3.  Provide reports, if applicable. While all businesses have OSHA regulations governing them, some states have added requirements. The United States Department of Labor provides state-by-state reporting requirements.

Every state requires you to carry worker’s comp insurance for good reason. In addition, under OSHA you need to pay for medical expenses and give injured employees short-term or long-term disability leave.
OSHA and worker’s comp exist to protect employees from on the job injuries and illness and to care for them if such incidents happen.

Five Employee Safety Tips

By Construction Insurance Bulletin

Best practices and laws, policies and rules are important foundations for building a workplace safety program. But, they are not nearly enough. A truly safe working environment is then management and line employees share in the workplace safety effort. Employees who name a hazard should never feel threatened or that he or she will be subject to recriminations. Words of praise are the least for alert people and tickets to a sporting event, movie, or show let them know their alertness counts. Following are some common issues found in most workplaces that management and floor employees should look for.

1. Identify Hazardous Places
When employees first start, assign a person to take them on a tour. Point any places that are hazardous, even if proper signage is up. Explain to new employees the nature of the hazard and if they need protective clothing in the area.

2. Instruct employees in a way to maintain the right posture to protect their backs.
People, who work at desks, keep your shoulders lined up with your hip to avert back issues. Any worker who has to pick something up needs to know the correct position of the back to avoid injury. So do not stoop or twist. Whenever possible use ergonomically designed furniture and equipment to protect your back. Ergonomic equipment and furniture help keep your muscular-skeletal system in the proper place.

3. Report unsafe conditions.
The span of management keeps getting larger. Managers have more difficulty walking through their areas to make sure all areas are safe. They are dependent on their workers to help find unsafe conditions. Safety is everyone’s job — as soon as you suspect a condition is not safe report it to your manager.

4. Be aware of your surroundings.
If you work on a factory floor, in the fulfillment center or a warehouse be aware of your surroundings. Forklifts are racing around keeping to their schedules and intersections are especially dangerous. Walk the floor with the same caution, you do when crossing the street at a busy intersection.

5. Dress for safety.
Always make sure you have the proper safety equipment on. Hard hats, goggles, ear protection, and other safety items significantly cut the amount of employee injuries and illnesses.

Managers who share these and other safety tips with their team show that they care about their employees past “legislative directions.” This caring attitude goes a long way towards employee safety awareness, less on the job injuries, and higher productivity thanks to improved morale.


Is Your Employer-Sponsored Roth 401(k) a Wise Choice for You?

By Employment Resources

No matter how old you are, retirement will be here sooner than you think. Your employer can help you prepare for this season of life. As you decide if you should transfer existing 401(k) funds into a Roth 401(k), consider your tax preferences.

When You Pay Taxes Matters

Most investment strategists typically recommend that consumers like you invest pre-tax money in their retirement accounts. That means you deposit funds into your retirement account before you pay taxes on the cash. Traditional 401(k)s work this way and allow you to pay taxes on the money you withdraw during retirement.

Open a Roth 401(k), and you’ll be depositing cash that’s already been taxed. When you’re ready to retire, the only taxes you pay are on the profits your investment earned.

You Choose the Option You Prefer

Ultimately, the choice of whether to stick with a traditional 401(k) or transfer to a Roth 401(k) is up to you. After all, it’s your money and your future. Your current and future tax brackets are invaluable tools that can help you decide what to do.

*If your current tax bracket is fairly high and you expect it to decrease once you enter retirement age, stick with your traditional 401(k).
*If you expect to be in a higher tax bracket during retirement or are you a young worker who’s just starting out in your career, the Roth 401(k) is a wise choice. It lets you pay taxes on your investment now when you have more disposable income.

Are you ready to make a decision about whether or not choosing a Roth 401(k) is right for you? Then, talk to your company’s human resources department. Find out if the new Roth 401(k) is available and clarify any questions you might have about retirement investing. With this information, you ensure your retirement account wishes are put into practice as you prepare for the future.

Discover the Secret of Employee Satisfaction

By Employment Resources

Do you wake up excited to go to work each day? If so, your employer probably knows the secret to employee satisfaction. This secret provides high rates of employee productivity, attendance and retention, and you’ll want to learn more as you get excited about work.

The Secret to Employee Satisfaction

The insurance company AFLAC actually discovered the employee satisfaction secret during a survey of successful companies. They originally wanted to know why some companies enjoyed rising sales and others did not. What they discovered has great impact for you.

According to AFLAC, companies that provide good benefits to their employees receive better productivity, attendance and retention in return. They also grow faster and thrive more than peer companies.

A Sanofi Healthcare Survey concluded the same thing. When asked if they would prefer a benefits package or $10,000, almost 60 percent of the surveyed employees preferred the benefits. Nearly 48 percent also chose the benefits when offered $20,000.

Benefits Packages Pay Off

While some companies balk at offering extensive benefits to their employees, that investment pays for itself. In fact, the benefits that provide the best employee satisfaction include:

*Major medical coverage
*Life insurance
*401(k) plans
*Flexible work options

A good benefit package prompts workers to stay healthy, remain loyal to the company and work harder each day. Ultimately, these benefits provide financial payback to companies who invest in good benefits.

Where can you find the best benefits? Try Microsoft, Whole Foods Market, Qualcomm, three of only 14 companies in the U.S. that pay 100 percent of their employees’ health insurance costs. Zappos, Cisco Systems, IBM and Morningstar also offer unique benefits like vehicle tune-ups, large sabbaticals, extra 401(k) contributions and life coaching.

If you’re satisfied with your job, thank your boss for the benefits package. If not, ask your HR manager for details about all the benefits your company offers. There might be a few you don’t know about that will unlock your employee satisfaction.

Five Simple Ways to Think Outside the Box This Columbus Day

By Employment Resources

Are you facing a project or decision at work that has you stumped? Follow Christopher Columbus’s lead and find your solution when you think outside the box.

Change the Scenery

The same four walls of your office or company’s conference room feel familiar, but they do nothing to cultivate creativity. Try rearranging your office, moving the meeting to a different room or taking a walk. The change in scenery might be exactly what your brain needs to jumpstart creativity and innovation.

Draw a Picture

Most people approach problems with left-brain logic. So, if you’re stuck, tap into your right-brained creativity as you grab markers or crayons and draw a picture. A few minutes of doodling can boost your ability to see outside conventional logic and discover your next great idea.

Study a Different Industry

Whether you’re a lawyer, teacher or farmer, many of the same problems you face also affect people who work in other industries. Study web pages, trade magazines and books about other industries, and your chances of finding new angles or ways of looking at your problems increase.

Turn It Upside Down

Instead of staring at the page for hours, take a different approach. Turn the paper upside down, re-arrange the patterns or start at the end and work backwards. See what new ideas you spark when you turn your problem upside down.

Discover Why Things are Done One Way

Maybe part of your problem comes from doing things the same way they’ve been done for years. But do you even know why things are done the way they’re done? The answers you need might show up when you turn away from traditions and make your own rules.

Columbus did more than discover the Americas. His example inspires you to think creatively. Do just that when you think outside the box and solve your problems this Columbus Day.