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Beware of Your Insurance Risk When Laying Off Employees
One of the most difficult aspects of running a business is the hiring and firing of employees. In particular, firing or terminating an employee can be a complex issue regardless of the circumstances involved. Proper handling is necessary in order to prevent the employee from harboring hard feelings against the company. Furthermore, in this situation the employee may develop a plan to find employment elsewhere. It is imperative for the business to handle the termination delicately to prevent the worst from happening, namely a lawsuit filed against the company by the ex-employee.
Even for businesses that use "at-will" employment, this risk is not fully alleviated. "At-will" employees are just as dangerous as contracted employees.
When either the employee or the company can terminate employment at any time and for any reason, unless that reason is illegal, the phrase "termination-at-will" is used to describe this situation. This clause is important protection against the potential lawsuit of the employee. That does not mean that employers can let their guard down, however. In the jurisdictions where termination-at-will applies, employers need to tread very carefully to avoid putting the employee's at-will status in danger. An example application of this principle would be if the employer gave the employee verbal assurances that their job was secured. If the employee is later fired, this could be grounds for a lawsuit, since the verbal assurances directly contradicted their at-will status.
If performance issues are at the forefront, the employer cannot...
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So here's a question for you...
If asked to describe a "good day", what would yours look like?
Here's a recent example from my own life, at least of what the beginning of a good day looks like. I was driving to work last week and it was beautiful! Blue skies and sunshine were above and I found myself humming as made my way into town. Suddenly I saw a police car approaching ahead. My immediate instinct was to tap the brakes and check the speedometer (not that I have  a habit of speeding, mind you... just exercising some caution ;-)) Making sure to let off the brakes by the time the cruiser reached me, I quickly checked my rearview mirror. Sure enough, the officer had put on his brakes and flipped the lights on. With a sigh and something muttered under my breath (I'll spare you those details), I resigned myself to the traffic stop.
I was just rounding a curve, but as soon as I was in a safe position, I started slowing down to pull the car over. At first there was no sign of the cruiser behind me, so I debated whether or not to stop (I'm sure the guy behind me must have thought I was crazy), but suddenly there he was, lights flashing.
(I'm sure by now you're wondering what part of this scenario constitutes a "good day". Hang on... I'm getting to that!)
I pulled the car over, and as I reached into the glove box for my registration, the squad car came up behind me... and KEPT ON GOING. He wasn't tagging me after all, but rather the car that was behind me. I waited until they were both safely on the side of the road and carefully pulled back into the street, thanking my lucky stars that my original assessment of the situation had been incorrect, saving me both time and money. See? A good day. J
I completed my commute to the office thinking about my "near miss" with that ticket. I couldn't have been going any slower than the car behind me, yet it was the other vehicle the officer chose to stop. Why? Curiosity didn't squelch my gratitude, but it did get me to thinking. Sometimes we just luck out. No rhyme or reason, things just work in our favor.
But unfortunately, that's not always the case. They're not always near misses, and sometimes life doesn't work in our favor. Unforeseen circumstances can cost us money and bring unimagined difficulty. At M&M, we do our best to anticipate the challenges that business owners face (and we realize that each enterprise is unique). That's why we put so much effort into building a risk management program that, while not able to predict the exact future, is there to support you should life throw you something you didn't anticipate. More than that, we're here to support you. We're driven by exceeding your expectations. We're dedicated to going above and beyond. We're committed to you. You deserve nothing less.
Have a GOOD DAY! 
David Mason, President
Mason & Mason Insurance Agency
M&M Assurance Group
P.S. Become a fan on FACEBOOK! And don't forget to check out our website! We're at www.mmins.com. Just click the "Clients" tab at the top of the page and enter the site with username: "Client" and password: "INFO4U". Happy browsing! If you have any questions, give us a call at (800) 298-0802. We'd love to hear from you! |
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Be Proactive to Prevent Cybercrime at Your Business
 Legendary bank robber Willie Sutton supposedly said that he robbed banks because that was where the money was. Many small business owners follow this logic when it comes to computer system security. They believe that people who rob with a mouse and a keyboard rather than a gun target large corporations, because those businesses have the most money. This leads them to the misguided belief that cybercriminals will not bother them. In fact, the NACHA - The Electronic Payments Association - reports that Eastern European criminal syndicates have targeted small businesses precisely because they have allowed themselves to become easy marks.
Experts in the field estimate that one in five small businesses do not use antivirus software, 60% do not encrypt data on their wireless networks, and two-thirds lack a data security plan. This failure to take precautions makes a small business easy pickings for computer hackers. However, there are several things business owners can do to protect themselves.
- Use two-factor authentication. This is a mechanism that...
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Get the Protection You Need by Purchasing Business Insurance!
Most business owners would agree that it's important to maintain insurance to protect business assets. When they think about insurance, business owners generally consider protection against hazards such as fire, flood or theft at their company sites. This is obviously an important protection to have. However, there are other types of hazards that may not be quite as high on the list, but protection could be every bit as important to offset significant financial losses. Here are five examples that underscore the need for comprehensive business insurance protection:
Company vehicle contents: If you operate a business with employees on the road making service calls to customers, chances are there is valuable equipment contained in the company vehicles. But a typical auto insurance policy would probably not cover the contents of a company vehicle if that valuable equipment is lost or stolen.
Tenant property improvement insurance: Do you rent space to conduct your business? Have you built out the interior of your space or made improvements to accommodate your business needs? If so, you probably made a considerable investment in the improvements. But many property insurance policies don't include...
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Thank you for taking the time to read this month's newsletter! Remember, your feedback helps shape future issues. We value your input, so please...let us know what you think! Have a great month!
Sincerely,
David Mason
President
Mason and Mason Insurance
M&M Assurance Group |
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Mason & Mason Insurance M&M Assurance Group
458 South Avenue 3304 White Mountain Hwy
Whitman, MA 02382 North Conway, NH 03860
T (800) 759-1452 T (800) 298-0802
F (781) 447-2832 F (603) 356-9290
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