by: Christine Zafra

American and British proponents of risk management have agreed to include ERM (enterprise risk management) in the credit ratings of the companies. Although ERM is included in rating banks and other financial companies, they plan to include almost all companies now with their wider coverage (both public and private). They said that it’ll have a good effect on the companies because if ever the company gets a high risk management evaluation, the higher the chances that it’ll be given a much better credit rating. Credit ratings are needed since these will determine whether the company is worth it of a hefty loan.

Photo taken from http://www.cartoonstock.com

by: Christine Zafra

An accident occurred in England 12 years ago: a worker was hit on the head with a steel (a part of a faulty apparatus) and as a result, suffered grave head injuries. The man had to undergo a lot of reparative operations (tried to aesthetically fix the damage done to his head) and other sorts of medical procedures just to make him function again. Apparently, the man got weary of the difficulties he was facing, and so, as a result, he committed suicide.

The wife felt that the company had to be liable—so she sued the corporation where her late husband had the accident. After years of battling in court, finally, the woman got her prayers answered: the highest court in England declared that the employer was indeed liable for the accident.

Photo taken from http://www.freewebs.com

by: Christine Zafra

A German-owned steel company in Italy had an accident around December of last year. The accident, caused by a fire, killed 7 employees and the Italians were angered by the lack of safety in the said company. Since then, working conditions in Italy are being criticized by the citizens. A lot of rallies had been organized after the December tragedy and major risk groups in Italy have questioned the German-owned company’s accountability to the said incident. The management of the steel plant has been continuously denying the connection of the fire with the working conditions of the workers in the plant.

Photo taken from http://www.firewebdesigns.com

DWF commercial firm oppose proposals by the Scottish Law Commission (SLC) to extend the time limit on personal injury claims from three to five years. The reforms are intended to help those bringing claims for occupational diseases including asbestosis and mesothelioma, but Simon Denyer, DWF insurance partner, says “they are out of kilter with other developments which will have the effect of speeding up cases”.

The English Government has drawn up plans to speed up the settlement of personal injury claims. Under the new proposals, lawyers will have five days after being contacted by a claimant in which to notify insurers of a potential claim. Insurers will have 15 days in the case of a motor claim and 30 days for a workplace or public liability claim, to decide whether or not they are going to settle.

The insurance brokerage and risk management consultancy Marsh warned that many London businesses could be under-prepared for a terrorist attack. In a recent survey the firm questioned delegates from medium-sized to large companies located in the Greater London Area, who were attending a conference on the threat of terrorism.

In the survey, one-third of the delegates from medium-sized to large companies did not have emergency response, crisis management and business recovery plan integrated within their business continuity management framework, or risk management strategy. “We urge all London businesses to review their BCM plans and processes to ensure they are equipped to respond to a terrorist incident,” says Antony Ketteridge, a business risk consultant at Marsh.

Cars and other transportation equipment used in transporting supplies or products or visiting customers is not covered by the Business Owner’s Policy. A separate policy for automobile insurance will protect you from accidents that may occur while you’re on business. Likewise, A BOP doesn’t include workers compensation, health or disability insurance.

In-home business policies may pay for the income you lose for temporary business interruption. In the event your home is so badly damaged by a fire or other disaster that it can’t be used for a while, they may also pay for the extra expense of operating out of a temporary location. This is in addition to protection of your business property.

More than a homeowners policy endorsement, an in-home business policy provides more comprehensive coverage for business equipment and liability. Termed as in-home business endorsements, these policies vary significantly depending on the insurer. Some policies even reimburse you for the loss of important papers and records, accounts receivable and off-site business property.

In case you may need to coverage for business equipment such as computers, you may add a simple endorsement to your existing homeowners policy to double your standard. Another option is to buy a homeowners liability endorsement. This covers accident s of people who accidentally gets hurt on your premises, and sue you for failure to keep your place in a safe condition.

A professional working out of your home needs professional liability insurance. Inn-home businesses that make or sell food products or those that sell home-made personal care products might have to buy special policies. A business have basic choice depending on the nature of your business and the insurance company you buy it from.