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Spring 2015
IN THIS ISSUE
d&G Lawyer News
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  • Risk Management Check-up
  • By: Pat McNamara

    As we enter spring, it is a great opportunity to take time for a Risk Management check-up for both businesses and individuals. When was the last time you reviewed or changed your insurance coverages? When did you last audit your contracts to ensure that they were still in force and updated to comply with changes in the law? When did you last do a safety inspection of your home and business? This article will highlight some ideas for a Risk Management check-up that you can do yourself or in conjunction with your advisors and professionals.


    Insurance

    Often, businesses and individuals purchase liability insurance and then continue to renew it annually without even considering whether the types and amounts of insurance coverage remain appropriate. New insurance coverages will come in to the market to address new risks. One example would be cyber liability coverage. This relatively new form of coverage can help protect a business from claims that arise from the use of computers and the internet. If you have not reviewed your insurance program in the past five years or purchased cyber liability coverage, it is likely you would not be covered by insurance if your business is “hacked” and your customers’ personal information is stolen. Another area ripe for a check-up would be the limits of liability for your insurance policies. If your company started as a small, one person business, and has grown to include multiple employees, you would likely need to increase your insurance liability limits and also ensure that you have automobile coverage to protect your business from claims that arise when your employees use their personal vehicles as part of your business. Likewise, if you purchased your personal automobile liability insurance when you were young with few assets, you may not have the level of coverage you need as your assets grow. You may also have added teen drivers to your policy. Because teen drivers are at a much higher risk of causing an accident, you should ensure that you have sufficient coverage available to protect your assets in the event they cause an accident. Under Florida law, the vehicle owner’s liability can be limited if sufficient insurance is in place for the driver of the vehicle.

    Contracts

    Almost all contracts are written with a definite term or expiration date. We often have clients bring us contracts to enforce, but when we review the contract we learn that it expired months or even years earlier. Businesses often get into a routine and trust those parties with whom they contract. Although they executed a contract to cover every possibility, they put it in a file cabinet and have not looked at it since it was signed. After years of doing business, often times in a manner that was not contemplated by the original contract, the relationship can break down. If the contract has expired, it can be difficult to pursue a legal action to enforce your rights.

    Additionally, the law changes frequently. In some areas, such as construction, the law can change almost every year. If the contract forms you use in your business have not been updated, you may find yourself executing a contract that is based on old laws, which changed since the contract was originally created. This can cause numerous problems and expenses throughout the life of the contract, and potentially make it unenforceable.

    Safety Inspection

    Several years ago, Little League Baseball put in to place a requirement for an annual facility survey, or inspection of an individual little league parks’ fields. This requires a local Little League to inspect all of its facilities to ensure that they provide a safe place for children to play ball. An annual facility inspection is also a great idea for businesses. Often times, a business can get in the routine of its day to day work and overlook or get “used to” dangerous conditions within their facilities. An annual facility survey or inspection can force you to take a fresh look at your facility. It may even be a good idea to hire an outside professional, such as an engineer or building inspector, to assist with such a survey to be sure that you put appropriately fresh eyes on any problems.

    While most of the above suggestions can be undertaken without the assistance of a lawyer, if you require legal assistance in any of these areas, please contact Pat McNamara at pmcnamara@dgfirm.com or 813-229-2775.
    101 E. Kennedy Blvd., Suite 2000 | Tampa, FL 33602 | 813-229-2775 Fax: 813-229-2712
    Email: info@dgfirm.com | Site: www.dgfirm.com
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