Prince Associates, Inc. - Down to Business

August 2010

Brought to you by Prince Associates, Inc.

Common Misconceptions Causing Business Owners Not to Purchase EPLI

Some of the most common lawsuits heard in courtrooms are discrimination suits against businesses. This is confirmed by the fact that in 2009 over 130,000 complaints were filed with the Equal Employment Opportunity Commission alone. There is no officially estimated figure as to the total cost of discrimination lawsuits on businesses, but a reasonable estimate is around two billion dollars per year. Fortunately for businesses, there is an insurance product designed to protect businesses from these kinds of lawsuits: employment practices liability insurance, or EPLI. Insurance companies offer EPLI as part of their business insurance product line. However, there is a disparity involved: a lot of eligible companies do not purchase EPLI.
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How Will You Fare in Court If Your Business Suffers a Data Breach?

There were 325 data breach incidents and 8,320,325 people exposed to data theft from the beginning of 2010 through late June, according to the Identity Theft Resource Center. Almost two breaches every day involving two of every 100 Americans. When thieves steal personal information, the victims look for someone to blame; the target is usually the person or company who had their data to start with. Businesses that suffer data breaches involving the possible theft of others' information can expect to receive lawsuits. Legal actions taken so far have not produced sizable awards, but they have produced some guidance from the courts.
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Protect Your Small Business, Get Insured

Owning a business can be a very exciting and rewarding experience, but it is crucial that you do not overlook the risks that come along with it. Having proper financial protection gives family-owned businesses peace of mind and allows them to focus on what is important, moving the business forward. While the government requires most businesses to provide workers’ compensation insurance to cover employees in the event of an accident or injury, there are other forms of insurance that business owners should carry to protect their investments. Property and liability insurance should also be included in any business plan, providing complete coverage of the business’ physical assets, like inventory and equipment, as well as liability coverage in the event of a lawsuit.
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