Courtesy of iii.org One might think that family-owned and operated businesses would be relatively immune from employee lawsuits, but that’s not the case according to a recent Gen Re article. The reasons family-owned businesses get sued include: most family owned businesses employ at least one non-relative; the non-relative is likely to be first to be fired when the business is struggling; and family members are reluctant to discipline each other for bad workplace behavior, especially if the family patriarch is the one misbehaving. The article gives several examples of lawsuits against family businesses and the awards paid out, concluding that a family-owned business would benefit from including employment practices liability insurance (EPLI) as a part of its insurance package. According to GenRe: These workplace scenarios and settlement amounts mirror those we see for all businesses. Discrimination and sexual harassment - as well as wrongful termination, violations of …
Auto Insurance Myths
Courtesy of iii.org When purchasing an auto policy, it’s important to understand the factors that affect your policy costs and coverage. Unfortunately, there's a lot of bad information that passes for "common wisdom"—here, we separate myth from facts about car insurance. Myth 1 – Color determines the price of auto insurance It doesn't matter whether your car is “Arrest Me Red” or “Hide In Plain Sight White”—the color doesn’t actually factor into your auto insurance costs. The price of your auto policy is based on many factors, such as car make, model, body type, engine size and the age of the vehicle, as well as the car’s sticker price, the cost to repair it, its overall safety record and the likelihood of theft. Insurers also take into account the age, driving record and sometimes the credit history of the driver. Myth 2 – It costs more to insure your car when you get older Quite the opposite, in fact—older drivers may be eligible for special discounts. For example, …
Want a Classic Car? Here Are Some Insurance Tips
Courtesy of iii.org A classic, custom, collectible or antique car requires insurance that reflects your vehicle’s uniqueness and value. If you own—or are thinking of owning—a special set of wheels, find out about the kind of policy you need. What types of vehicles need special insurance? A classic, collectible or antique car is no ordinary car—and regular auto insurance is not sufficient to protect such a vehicle against damage or loss. That said, there is no uniform definition of a classic car. If a car’s value exceeds its original selling price, then it might be considered collectible and a candidate for specialized classic car insurance. In general, vehicles that might warrant classic car auto insurance include: Antique and classic cars, usually at least 25 to 30 years old Hotrods and modified vehicles Exotic and luxury autos—think James Bond Muscle cars Classic trucks You might also seek specialized insurance for vintage military vehicles, …