BeNew Insurance

Lawsuits And Exclusive Remedy There are some exceptions to the workers' compensation exclusive doctrine that allows employees to sue in certain cases, such as if the employer was negligent or failed to maintain insurance. However, the laws regarding workers' compensation insurance are decided at the state level, and can vary depending on where the business and employees are located. Some jurisdictions make it easier for employees to sue their employer in the case of employer misconduct, while other jurisdictions tend to side more strongly with the employer, making it difficult for employees to sue. In addition to paying for medical bills and lost wage replacement for injured employees, workers' compensation insurance also includes employer's liability insurance, which can pay for an employer's legal expenses if they are sued for negligence by an injured employee in a case that is not covered by exclusive remedy. Business owners should talk to their insurance age

Standard of Care Standard of care refers to a professional's duty to act reasonably and provide quality services. If you fall short of the standard of care, a client usually has the right to sue. In many industries, the standard of care is commonly determined by the action or inaction a reasonable, professional person with similar training would take in a similar situation under similar conditions. The standard of care can vary drastically across industries and professions. In some cases, a professional organization defines the standard. Other times, it’s determined by the typical behavior of professionals in the industry. Either way, having specialized knowledge and training usually means a higher professional liability standard of care. In essence, the standard of care is a legal benchmark that helps determine whether someone has acted responsibly and with due care. It's a crucial concept in many areas of law, including tort law, contract law, land professional liability

Actual Cash Value The actual cash value (ACV) is the current value of an insured item. It is a method used by insurance companies to determine the value of damaged or lost property. It represents the replacement cost of the item minus depreciation.   Insurers use either the actual cash value or the replacement value of items when calculating commercial property insurance claims. The actual cash value is how much the used item is worth, while the replacement value is how much it would cost to purchase a new item to replace it. To determine the actual cash value, an insurer will look at the item's current market cost, and then factor in depreciation. An item's depreciated value is based on how old the item is, and how much useful life it has left at the time of the loss. Example of actual cash value in a claim. Let's say your two-year-old laptop is stolen and you have an actual cash value property insurance policy. Two years ago, the laptop cost $2,000, but today a simil

Risk Management vs. Business Continuity Planning Risk management provides the foundation for BCP. By effectively identifying and mitigating risks, organizations can reduce the likelihood and severity of disruptions. BCP then takes over, focusing on how to respond to and recover from those disruptions that do occur.   In essence: Risk Management: Prevents problems. Business Continuity Planning: Solves problems. While both risk management and business continuity planning (BCP) are crucial for organizational resilience, they serve distinct purposes and work in tandem to protect businesses from disruptions.   Risk Management Risk management is a broader, proactive approach to identifying, assessing, and mitigating potential risks that could harm an organization. It involves: Risk Identification, Risk Assessment, Risk Mitigation, Risk Monitoring and Control. Business Continuity Planning (BCP) BCP is a more specific focus within risk management. It outlines the steps an organization